iPhone maker Foxconn sees revenue decline, mulls investments in India
iPhone maker Hon Hai Technology Group, also known as Foxconn, reported a decline of 11.6% in its February revenue, compared to the same period in 2022 due to weaker demand for electronics. However, the revenue was more than $13 billion, the second highest figure on record for the month.
Based on the revenue performance in the first two months, Foxconn said its outlook for the first quarter remains unchanged and is roughly in line with market expectations.
According to estimates, Foxconn assembles around 70% of iPhones globally.
The government of Karnataka and Foxconn has signed a letter of intent to establish a manufacturing facility in Bengaluru to expand its operations.
Sections of the media had reported that Foxconn plans to invest millions of dollars on a new plant in India to ramp up local production. However, the company clarified in a statement later that it did not enter into “any binding, definitive agreements” in India during its chairman and CEO Young Liu’s visit to India.
“Negotiations and internal review are ongoing. Financial investment sums discussed in the media are not information being released by Foxconn,” the company said in a statement.