Apple assembler Foxconn records 5% rise in Q3 profit, foresees flattish Q4

Apple iPhone assembler Foxconn said on Thursday it expected flattish revenue in the fourth quarter, as the company grapples with CCP COVID lockdowns at its major “iPhone City” factory complex in Zhengzhou, China.

Foxconn to resume iPhone assembly: Foxconn logo

Ben Blanchard and Sarah Wu for Reuters:

The Taiwanese company, the world’s largest contract electronics maker which is formally called Hon Hai Precision Industry Co Ltd, said net profit for the July-September quarter rose 5% to T$38.8 billion from T$36.98 billion a year earlier.

Eleven analysts were expecting on average profit of T$41.3 billion, according to Refinitiv.

Reuters last month reported that Foxconn’s production of Apple’s iPhones at the Zhengzhou factory could slump by as much as 30% in November due to tight COVID-19 restrictions.

Foxconn’s main Zhengzhou factory in central China, which employs about 200,000 people and is the world’s largest iPhone plant, has been rocked by discontent over stringent measures to curb the spread of COVID-19, with many workers fleeing the site.

Apple, which launched sales of the new iPhones in September, said customers will experience longer wait times to receive their new products.

MacDailyNews Take: These iPhone sales are, for the large part, deferred, not lost.

If it’s not an iPhone, it’s not an iPhone.

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