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

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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