Apple’s largest producer Foxconn reported an 11.65% decline in revenue from the same period in 2022.
Foxconn, one of Apple’s largest manufacturers, just reported that their monthly revenue was down 11.65% compared to the same period in 2022. According to Foxconn, this drop in revenue was due to lower demand for electronics.
The iPhone maker said in a statement that collective demand for computing, smart consumer electronics and cloud and networking products fell in February due to “conservative customer engagement.”
“Based on the first two months of earnings, the forecast for the first quarter of 2023 is roughly in line with market expectations,” they added.
Foxconn also said that its world’s largest iPhone factory in Zhengzhou, China, is finally resuming operations after facing major problems due to recent COVID-19 lockdowns in various parts of the country.
Apple suffered greatly during the entire period when the Chinese government closed the site of the Foxconn factory. In its statement at the time, the company warned users that iPhone 14 shipments would be delayed.
While things are fine in China now, Foxconn is now looking for manufacturing opportunities in India, where it currently has several factories producing various Apple products.
According to a leaked news report, Foxconn plans to invest around $1 billion to set up an iPhone manufacturing plant in Bengaluru.
“Foxconn will continue to communicate with local authorities to seek the most beneficial development opportunities for the company and all stakeholders,” Foxconn CEO Yang Liu said.