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iPhone Maker Reports Huge November Sales Drop

The largest iPhone maker in the world has reported a sales drop of 11.4 per cent during November, as its factories are plagued by worker tumult and Covid restrictions.

This comes after UBS yesterday revealed that the situation in the Zhengzhou factory was far more dire than Apple first forecast.

Apple confirmed late last month that it was dealing with a production shortfall of at least 6 million iPhone 14 units ahead of Christmas. UBS analysts, however forecast a drop of 16 million iPhones – 20 per cent less than last year’s iPhone 13 production.

Foxconn reported a sales drop of 11.4 per cent year-on-year for November, down 29 per cent from October’s sales. The company said November was its worst month yet in terms of being impacted by the pandemic.

Foxconn does, however, expect its fourth quarter sales to be “roughly in line with market consensus”, and confirmed the worker exodus and protests at the Zhengzhou plant have been “brought under control”.

“In addition to reallocating production capacity of different factories, we have also started to recruit new employees, and are gradually moving toward the direction of restoring production capacity to normal,” Foxconn said in a statement.

Bloomberg analysts note that Foxconn could even beat Wall Street estimates this quarter.

“China’s easing of Covid-Zero policy might help lift Hon Hai’s December sales, paving the way for it to meet or even beat 4Q guidance,” Bloomberg Intelligence analysts Steven Tseng and Sean Chen said in a note yesterday.

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