Apple Inc provider Foxconn reported a ten% fall in fourth-quarter web revenue from a yr earlier, as manufacturing at its largest iPhone manufacturing facility was disrupted by China’s strict COVID-19 guidelines.
The world’s largest contract electronics maker forecast revenues for the primary quarter and 2023 to be flat, whereas it estimated revenues for good shopper electronics to report vital progress for the primary three months.
The Taiwanese firm stated web revenue for the October-December quarter fell to T$40 billion ($1.31 billion) from T$44.4 billion in the identical interval the earlier yr.
It was according to a mean forecast of T$39.98 billion revenue by 13 analysts, based on Refinitiv.
Within the fourth quarter, income for its key shopper electronics merchandise was flat in comparison with a yr in the past, the corporate stated in an announcement, with out elaborating. The group contains smartphones and makes up greater than half of its complete income.
Manufacturing of iPhones confronted disruption forward of Christmas and January’s Lunar New Yr holidays, after curbs to manage COVID-19 prompted hundreds of employees to go away Foxconn’s manufacturing facility strains at its huge campus in China’s Zhengzhou.
The corporate stated beforehand manufacturing has resumed to regular in Zhengzhou, which produces the vast majority of Apple‘s premium fashions, together with the iPhone 14 Professional.