Following the recent statement made by Foxconn over the weekend, the firm says its revenue fell by 11.66%compared to the same period in 2022 due to weaker demand for electronics.
Foxconn added that operations at the world’s iPhone factory in the Chinese city of Zhengzhou are recovering from Covid disruptions and it was looking for more opportunities to explore in India.
The firm said in a statement over the weekend that revenue from computing ,smart consumer electronics cloud ,and networking products declined in February from a year earlier “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 the market expectations,”the company added.
In addition last year in November, Apple warned that shipments of its iPhone 14 would be delayed after Chinese officials lacked down a District in Zhengzhou where the firm’s mega factory is located and this was followed by protests that erupted at the firm which also disrupted manufacturing as thousands of workers left production lines.
However over the weekend Foxconn responded to reports that it had agreed to significantly expand its operations in India after its chairman and chief executive Young Liu visited the country last week.
iPhones are currently assembled in India by several Apple suppliers including Foxconn.
The Taiwan headquartered company which is known formerly as Hon Hai precision industry assembles the devices at a site in Tamil Nadu.