Apple supplier Foxconn expects decline in consumer electronics demand, prioritizes global growth
Publishing timestamp: 2023-03-15 14:17:45
Summary
Foxconn, a major iPhone supplier and Apple vendor, reported a decline in profit for 2022 and warned of a decline in consumer electronics demand for the coming year. This negative sentiment is reflected in Apple's muted expectations for consumer sales. Foxconn beat analysts' top-line estimates but missed on the bottom line. The company plans to expand its presence beyond mainland China and explore new markets in 2023. Demand for electronic goods has slowed as consumers grapple with the realities of a largely post-pandemic world, and global macroeconomic uncertainty has dampened discretionary income.
Sentiment: NEGATIVE
Keywords: apple inc, business news, hon hai precision industry co ltd, breaking news, technology,