Apple Supplier Foxconn’s Sales Decline Despite China Reopening
- Company expects first-quarter revenue to meet consensus
- Focus is on iPhones as global smartphone demand has faltered
Employees during lunch at a Foxconn plant in Zhengzhou, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Hon Hai Precision Industry Co.’s February sales fell 11.7% from a year earlier, despite a boost for the iPhone assembler from China’s reopening.
The Apple Inc. supplier, also known as Foxconn, said monthly revenue dropped to NT$402 billion ($13 billion) last month. Still, first-quarter outlook is “roughly in line with market expectation,” based on sales figures in the last two months, Hon Hai said in a statement Sunday.