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Apple supplier Foxconn says output recovering despite revenue fall; Apple did not cut orders – source

Thursday January 5, 2023. 11:01 PM , from Mac Daily News
Major Apple assembler Foxconn said on Thursday output at its “iPhone City” factory in China had “basically returned to normal” and December revenue, down 12.3% year-on-year, marked the start of a recovery.
The logo of electronics contract manufacturer Foxconn Technology Group, formally known as Hon Hai Precision Industry, is displayed at its headquarters in Taipei. Photo: Agence France-Presse
Production of Apple iPhones faced disruption ahead of Christmas and January’s Lunar New Year holidays, after the Chinese Communist Party’s quixotic “Zero COVID” lockdowns and restrictions prompted thousands of workers to protest and leave Foxconn’s factory lines in Zhengzhou.
Sarah Wu and Yimou Lee for Reuters:

Although lower compared with the previous year, the company said revenue for December was better than it expected and that a “gradual recovery” at its Zhengzhou plant had contributed to “double-digit growth” in revenue for its smart consumer electronics business compared to November.
A Foxconn source familiar with the matter, who could not be named because they were not authorised to speak to the press, said the growth in December compared to the month prior for its consumer electronics business, including smartphones, showed major client Apple did not cut orders.
Analysts say Foxconn assembles around 70% of iPhones, and the Zhengzhou plant produces the majority of its premium models including iPhone 14 Pro.
The company said in Thursday’s statement it expects first-quarter revenue “to be roughly in line with market consensus,” without elaborating.
Analysts expect first-quarter revenue to grow by 5.6% year-on-year, according to Refinitiv.

MacDailyNews Take: Apple did not cut orders.
As we wrote earlier today:
Apple always adjusts production to match expected demand in calendar first quarter following the holiday sales period.
Don’t fall for normal operations twisted into “fake news” FUD planted ahead of earnings by fomenting shorts into complicit and/or gullible media outlets.
Instead, use these cases of blatantly obvious FUD as nice entry points in order to profit long term.
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The post Apple supplier Foxconn says output recovering despite revenue fall; Apple did not cut orders – source appeared first on MacDailyNews.
https://macdailynews.com/2023/01/05/apple-supplier-foxconn-says-output-recovering-despite-revenue-fa...
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