iPhone Maker Foxconn’s Revenue Down By 11% Due To COVID

The revenue figures are unaudited and were calculated for November year-over-year.

iPhone Maker Foxconn’s Revenue Down By 11% Due To COVID
The plant in in Zhengzhou is the largest iPhone manufacturing facility in the world.

TAIWANESE multinational Foxconn, known as Hon Hai Precision Industry Co Ltd in China, said that sales for iPhone were down by 11 per cent for November compared to the previous year after shipments were impacted by a COVID-19 outbreak in Zhengzhou where Foxconn has its flagship plant.

According to the company, consolidated revenue was approximately $18 billion for November 2022, down 29.04 per cent month-over-month and 11.36 per cent year-over-year.

Foxconn Zhengzhou Science Park is located in Zhengzhou in Henan province and is where most of the iPhone Pro phones worldwide are produced. The plant employs more than 200,000 people.

Commenting on the declining sales of iPhones in China, the report said, "Due to production gradually entering off-peak seasonality and a portion of shipments being impacted by the epidemic in Zhengzhou, revenue in November declined MoM. However, the m-o-m decline was roughly in line with the company's expectations."

The company stated that November was the most affected period by the pandemic and that it expects the fourth quarter to be roughly in line with market consensus. "At present, the overall epidemic situation has been brought under control with November being the most affected period by the epidemic," says the report.

Reportedly, since the outbreak of the epidemic in October, the company has been in close contact and cooperation with the local government. The report further states, "In compliance with the official epidemic prevention policy, safeguarding employees' health and ensuring safe production has always been the primary operating principle that the company adheres to."

On Wednesday, China announced nationwide loosening of coronavirus restrictions, allowing home quarantine for Covid-19 close contacts and scrapping covid test rules in most public venues, state media said.

This comes less than two weeks after large-scale protests gripped the country against the 'zero-COVID' policy. This announcement has brought relief to millions of people under various restrictions since the start of the pandemic.

(With input from agencies)

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