Hon Hai Precision Industry Co.’s February sales fell 11.7% from a year earlier, despite a boost to the iPhone assembler from China’s reopening.
Apple Inc. The supplier, also known as Foxconn, said monthly revenue dropped to NT$402 billion ($13 billion) last month. Nevertheless, the outlook for the first quarter is “broadly in line with market expectation” based on sales figures over the past two months, Hon Hai said in a statement on Sunday.
Lunar New Year holidays in China This year it happened in January while in 2022 it happened in February.
Production at the Taiwanese company’s massive iPhone assembly complex in the Chinese city of Zhengzhou largely resumed normal operations in January, following disruption from a Covid outbreak. The focus is on how the popularity of the iPhone keeps up with the decline in demand for smartphones worldwide.
Hon Hai plans to invest about $700 million on a new plant to increase production in India, as more manufacturers move away from China to cushion the potential fallout from rising Washington-Beijing tensions.
The text of this story is published from a wire agency feed without any modification.
catch all corporate news And updates on Live Mint. download mint news app to receive daily market update & Live business News,