Foxconn expects Q1 revenue drop as iPhone demand falls

Apple's largest manufacturer says that Q4 2023 revenues for all of its business, including the iPhone, declined 5.4% year on year, and that it believes a slowing demand will also impact Q1 2024.Back in August 2023, Foxconn reported that its profits continued to be down year over year — following a calamitous 56% drop in Q1 2023 — but that it expected to get a boost from the launch of the iPhone 15. However, it's latest overall figures covering Q4 2023 saw a fourth consecutive decline in sales.According to Reuters, Foxconn's latest earnings report says that Q4 2023 proved to be what the firm generously called 'flatish.' Overall revenues, including smartphones, was down 5.4% year over year to $59.54 billion, though this was described as better than expected.Most significantly, revenue for the peak month of December 2023 was down 26.9% year over year, to $14.84 billion. Continue Reading on AppleInsider | Discuss on our Forums