Hon Hai Precision Industry warned of its fourth consecutive decline in quarterly sales after a 5.4 percent slide in the last three months of 2023 suggested consumer electronics demand remains muted.
The Taiwanese firm, also known as Foxconn, reported a steep 27 percent drop in December sales to NT$460.1 billion ($14.8 billion, or roughly Rs. 1,23,073 crore), concluding a NT$1.85 trillion quarter. It now sees sales falling in the current period as well, adding to concern about the latest iPhone generation’s momentum heading into the new year.
As Apple’s foremost iPhone assembly partner, Foxconn provides insight into broad consumer demand for personal tech. Apple’s iPhone 15 went on sale in September, to a mixed early reaction in key markets: the US saw it kickstart an upgrade cycle from earlier iterations while sales in China declined.
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