The US company, which is grappling with tepid demand for less expensive iPhone 14s, expects to produce at least 3 million fewer iPhone 14 handsets than originally anticipated this year. Apple warned Sunday it would ship fewer premium devices than anticipated because of the Zhengzhou lockdown. The disruption coincides with the US holiday shopping season as well as a sharp slowdown in demand for electronics worldwide. ![]() If Foxconn can get its production back on track soon and the Covid situation under control, sales should still take a hit in the first half of November before gradually recovering, analysts at Citigroup Inc. Foxconn has said it's managing the Zhengzhou lockdown in concert with the authorities. In the first half, the company had surpassed profit expectations thanks in part to effective management of supply during Covid lockdowns, when it secured support from local governments to keep up a critical flow of components. Revenue climbed 24% to NT$1.75 trillion, exceeding the estimate of NT$1.52 trillion. The company said it will likely also lose out because of US restrictions on selling cutting-edge chip-gear to China.įoxconn's net income rose 5% to NT$38.8 billion ($1.22 billion) in the September quarter, versus the NT$41 billion average estimate, the device maker said Thursday. slashed its forecast for operating profit this year by 24%, explaining that memory chip makers are pulling back on capital spending. In Japan, key chip equipment supplier Tokyo Electron Ltd. On Thursday, Pegatron Corp., Apple's other big iPhone-making partner, warned that sales would fall in 2022 led by a 15%-20% slide in notebook revenue in the fourth quarter. Harsh Covid restrictions are exacerbating the fallout from weakening demand for consumer electronics worldwide. and its most important supplier, which had struggled to stem an exodus of workers. The curbs at the factory dubbed “iPhone City” - a giant complex housing some 200,000 workers that cranks out an estimated four out of five of the world's latest iPhones - dealt a blow to Apple Inc. Foxconn's warning on revenue underscores the toll of China's Covid Zero policy, a rigid system of sudden lockdowns and mass testing that's depressed the world's No.
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