Monday, March 4, 2024

China, a major supplier of Apple products, has seen sales decline despite reopening


The focus is on iPhones as global demand for smartphones declines

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Hon Hai Precision Industry’s sales in February fell 11.7% from a year earlier, despite the company boosting its iPhone assembly plant since China reopened.

The supplier of Apple products, also known as Foxconn, said monthly revenue fell to NT$402 billion ($13 billion) last month. However, the company indicated in a statement that its first-quarter forecasts were “almost in line with market expectations” based on sales figures over the past two months, according to Bloomberg seen by Al

The Lunar New Year holiday in China was in January this year, while in 2022 it was in February.

Production at the Taiwanese company’s massive iPhone assembly complex in Zhengzhou, China resumed normal operations in January after disruptions caused by the coronavirus outbreak.

As overall smartphone demand declines worldwide, the focus is on how popular the iPhone will be.

Hon Hai plans to invest about $700 million in a new plant in India to boost production as more manufacturers move away from China to cushion the potential fallout from rising tensions between Washington and Beijing.

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Rolf Colon
Rolf Colon
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