The current lockdown in China, alongside growing global inflation, could bring a flat 2023 for Apple supplier Foxconn.
, alongside growing global inflation, could bring a flat 2023 for Apple supplier Foxconn. The manufacturer’s chairman talked about the ongoing situation in China, what he expects for next year, and whether his competitors could snag production for Apple devices., Foxconn Chairman Young Liu said the company is “closely monitoring the macroeconomic situation, but for now does not see any opportunity to grow revenue next year massively.
“For next year, we see cloud data center and networking products being the robust growth drivers … but overall consumer electronics and smart electronic devices will still be slow and a bit weak,” Liu told an investors conference. With Foxconn’s Zhengzhou plant currently in lockdown due to a COVID-19 outbreak, not only did Apple state that getting an iPhone 14 Pro or iPhone 14 Pro Max will be challenging this holiday season, but Liu says this could also impact gross margin for the October-December quarter. He does not believe that Foxconn’s competitors will gain an advantage in the short term.
“This [lockdown] could happen anywhere. We don’t think there’s a likelihood that our competitors will gain an advantage in the short term because of this,” Liu said when asked about whether its smaller rivals Pegatron and Luxshare could snag market share from Foxconn due to the disruption. “Foxconn has massive production footprints globally, and we believe we are still the most competitive, and have a good position for diversification in terms of risks and locations.
Nikkei Asia reports that Foxconn’s revenue for the last quarter rose more than 24% on the year to a record $54.9 billion, a 5$ increase from a year ago.will keep reporting on the manufacturer’s situation and how it will impact Apple’s fiscal quarter regarding device shipments.
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