Source:
https://www.scmp.com/tech/big-tech/article/3262678/apple-supplier-foxconn-misses-march-quarter-estimates-amid-iphone-sales-downturn-china
Tech
Big Tech
Apple supplier Foxconn misses March quarter estimates amid iPhone sales downturn in China
Foxconn reported a net profit of US$679 million in the first quarter, which missed analysts’ average estimate of US$897 million
Demand for iPhones in mainland China fell about 27 per cent in the first three months of this year, according to official government data
Bloomberg
Published: 7:51pm, 14 May 2024
Updated: 7:51pm, 14 May 2024
Apple still accounts for more than half of Foxconn Technology Group’s sales. Photo: EPA-EFE
Foxconn Technology Group
reported weaker-than-expected profit in the March quarter, as demand for
Apple
’s
iPhones
remained
sluggish in mainland China
, though it projected significant growth in the current quarter.
The Taiwanese company, formally known as
Hon Hai Precision Industry
, gave that forecast after reporting its strongest monthly sales since the start of 2023, buoyed by rising demand for servers during the
artificial intelligence
(AI) boom.
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