Hon Hai Precision Industry, maker of most of the world’s iPhones, warned consumer electronics revenue will fall this quarter as it grapples with a Covid outbreak that walled off its main production base in central China.
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 2 economy. The curbs at the factory dubbed “iPhone City” — a giant complex housing about 200,000 workers that cranks out an estimated four out of five of the world’s latest iPhones — dealt a blow to Apple and its most important supplier, which had struggled to stem an exodus of workers.
Foxconn’s net income rose 5% to NT$38.8-billion in the September quarter, versus the NT$41bn average estimate, the device maker said on Thursday. Revenue climbed 24% to NT$1.75-trillion, exceeding the estimate of NT$1.52-trillion. The company’s shares fell 2% in Taipei. The disruption coincides with the US holiday shopping season as well as a sharp slowdown in demand for electronics worldwide. Apple warned on Sunday it would ship fewer premium devices than anticipated because of the Zhengzhou lockdown.
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