Wednesday, 12 June 2024
Latest NewsStock Market

The Q4 Profit for Apple Supplier Foxconn Decreased by 10%

Foxconn, a supplier to Apple Inc (AAPL.O), reported a 10% decline in fourth-quarter net profit from a year earlier on Wednesday as output at its largest iPhone facility was hampered by China’s stringent COVID-19 regulations.

The largest manufacturer of contract electronics in the world predicted flat sales for the first quarter of 2023, but a strong rise in sales of smart consumer devices during the first three months.

Apple Supplier Foxconn

The Taiwanese corporation said that its net profit for the October to December quarter dropped from T$44.4 billion during the same time the year before T$40 billion ($1.31 billion).

According to Refinitiv, it was in line with the T$39.98 billion profit prediction made by 13 experts on average.

  • Foxconn, Apple Inc (AAPL.O) supplier, reported a 10% decline in the fourth quarter.
  • The Taiwanese corporation’s net profit dropped from T$44.4 billion to T$40 billion.
  • The majority of Apple’s premium models are made in Zhengzhou.

Without going into further detail, the company stated in a statement that the revenue for its main consumer electronics items was flat in the fourth quarter compared to a year earlier. The category includes smartphones and makes about more than half of its entire income.

Foxconn’s huge Zhengzhou campus was disrupted by COVID-19-related restrictions in January, forcing hundreds of employees to leave production lines, and disrupting the production of iPhones over the holidays.

The majority of Apple’s premium models, including the iPhone 14 Pro, are made in Zhengzhou, where the company previously claimed production had returned to normal.

Related posts
CanadaLatest News

Judges hear Elizabeth Holmes' appeal for fraud

Elizabeth Holmes and Ramesh “Sunny” Balwani appeal convictions for Theranos…
Read more
Stock Market

Nifty above 23,400, Sensex up nearly 300 points led by financial and oil stocks

Financial and oil stocks propel Sensex nearly 300 points higher, Nifty above 23,400. IT sector…
Read more
Latest NewsWorld

According to Malawi's president, the vice president and nine others were killed in a plane crash

Malawi’s vice president and nine others perish in tragic plane crash. Adverse weather…
Read more
Become a Trendsetter

To get your breaking, trending, latest news immediately without diluting its truthfulness join with worldmagzine immediately.

Leave a Reply

Your email address will not be published. Required fields are marked *


Improvement in the NYSC Welfare of Corps Including Allowances

Worth reading...