Foxconn to Shed Light on Chinese Tech Manufacturing as iPhone Headwinds Mount
Mar 08, 2024 - bloomberg.com
Hon Hai Precision Industry Co., the public arm of Foxconn Technology Group, is set to lead an earnings week that will provide insights into the future of China's tech sector, which has been affected by a slowing economy and declining consumer sentiment. Apple Inc.'s iPhone sales in China have dropped by 24% in the first six weeks of the year, according to Counterpoint Research.
This decline in sales confirms the management's prediction that total sales and iPhone revenue for the current quarter would be similar to the previous year. This poses a significant challenge for Hon Hai, as it derives about half of its revenue from Apple.
Key takeaways:
Foxconn Technology Group’s public arm Hon Hai Precision Industry Co. is set to headline an earnings week that will provide insights into China’s tech sector.
The slowing economy in China has negatively impacted consumer sentiment in the tech sector.
Apple Inc.’s iPhone sales in China fell 24% over the first six weeks of the year, as per Counterpoint Research.
This poses a challenge to Hon Hai, which derives about half its revenue from Apple.
