iPhone Manufacturer Reports Fall in Revenue as Demand Weakens

Apple’s biggest manufacturer ‘Foxconn’ reported that they have recorded a 11.65% fall in its revenue, when comparing revenue to the same period in 2022

Foxconn, one of Apple’s biggest manufacturers just reported that their monthly revenue fell by 11.65%, when compared to the same time period in 2022. According to Foxconn, this fall in revenue comes from a weaker demand for electronics.

The iPhone supplier in its statement said that the collective demand for computing, smart consumer electronics and cloud and networking products decreased in February due to “due to conservative customers’ pull-in.”

“Based on the revenue performance in the first two months, the outlook for first quarter 2023 is roughly in line with market expectation,” they added.

Foxconn also reported how it’s world’s biggest iPhone factory in Zhengzhou, China, is now finally resuming its operations after facing severe problems due to the recent COVID lockdowns throughout different parts of the country.

Apple suffered greatly throughout the time the Foxconn factory area was closed down by the Chinese government. In its statement at the time, the company warned users that the shipments for iPhone 14 would be delayed.

While things are now normal in China, Foxconn is now looking for manufacturing opportunities in India, which currently has a few factories that manufacture different Apple products.

According to news leaks, Foxconn is planning to invest around $1bn for setting up an iPhone manufacturing plant in Bengaluru.

“Foxconn will continue to communicate with local governments to seek the most beneficial development opportunities for the company and all stakeholders” said Foxconn Chief Executive Young Liu.

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