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Key iPhone Assembler Optimistic About Supply Issues

Key iPhone assembler Foxconn has improved its outlook for the current quarter, as the situation in China stabilises.

“The overall lockdown impact on Foxconn is rather limited,” Chairman Young Liu told shareholders.

“You can tell from our revenues in April, and May’s performance is also better than we estimated.

“We previously forecast this year we would maintain a similar level from last year, after factoring in inflation, war and other uncertainties, but now we think the full year will be better than our estimate.”

Foxconn’s revenue was down 4.1 per cent in April, to A$23.34 billion, a modest drop compared to competitors Pegatron and Quanta Computer, whose earnings plummeted 35 per cent and 40 per cent respectively.

Although Shanghai is fast opening up, Young Liu is still cautious.

“We think such COVID controls will continue to happen, and it is our operational focus to make sure the facilities can keep operating,” he said.

Aside from Apple, Foxconn also counts Google, Facebook, HP and Dell among its clients.


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