iPhone supplier Foxconn sees 11.6% revenue drop

Foxconn, Apple’s biggest supplier has reported decline in its revenues of an 11.65 percent drop, due to demand for consumer electronics weakened in February, the company said in a statement on Sunday.

Operations at the biggest iPhone factory are still recovering from turmoil caused by the pandemic, especially as Chinese officials locked down a district in Zhengzhou, where the factory is located, and forced Apple to delay shipments of its iPhone 14.

Despite the issues with the Foxconn factory, the Taiwanese company said its January revenues had a 48.2 percent increase, compared to the same period last year, as operations in Zhengzhou resumed.

The iPhone manufacturer was set to invest $1 billion in a major iPhone plant in the Indian city, Bengaluru, which would create about 100,000 jobs. The company confirmed it is planning to expand its operations in India.

“Foxconn will continue to communicate with local governments to seek the most beneficial development opportunities for the company and all stakeholders,” said Foxconn’s chairman Young Liu.