iPhone maker Foxconn announces revenue fall

Business

March 6, 2023 - Reading time: 2 minutes

Foxconn, Apple’s largest supplier, claims that due to a decline in the demand for electronics, its revenue last month decreased by 11.65% when compared to the same period in 2022.

Nonetheless, February’s revenue was the second-highest ever recorded for the month at almost $13 billion (£10.8 billion).

The largest iPhone plant in the world, located in the Chinese city of Zhengzhou, is now back in full operation, according to Foxconn.

The company also disclosed over the weekend that it was looking for opportunities in India.

As a result of “conservative customers’ pull-in,” Foxconn claimed in a statement on Sunday that revenue from computer, smart consumer electronics, cloud, and networking goods fell in February compared to the same month last year.

According to the sales performance throughout the first two months, the company’s forecast for the first quarter of 2023 is broadly in line with market expectation.

Following the lockdown of a neighbourhood in Zhengzhou in November where Foxconn’s massive manufacturing oufit is located, Apple issued a warning that shipments of its new iPhone 14 might be delayed.

Protests broke out at the plant, causing thousands of workers to leave the production lines, disrupting business.

Foxconn reported last month that its income in January increased by 48.2% over the same period the previous year to reach a record high as production in Zhengzhou resumed its pre-pandemic levels.

Separately, Foxconn responded over the weekend to rumours that, following its chairman and chief executive Young Liu’s visit to India last week, it had decided to considerably expand its business there.

According to media reports, the company intended to invest up to $1 billion in a significant iPhone plant in Bengaluru. According to some reports, Foxconn’s investment in India will generate about 100,000 new jobs.

According to media reports, no legally enforceable new agreements were made by the business during the trip.

Moreover, Foxconn left out the alleged numbers from its statement on Saturday.

Foxconn will keep in touch with local authorities to look for development prospects that would benefit the business and all stakeholders, according to Mr. Liu.

Multiple Apple suppliers, including Foxconn, currently assemble iPhones in India.

DW Staff

David Lintott is the Editor-in-Chief, leading our team of talented freelance journalists. He specializes in covering culture, sport, and society. Originally from the decaying seaside town of Eastbourne, he attributes his insightful world-weariness to his roots in this unique setting.

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