iPhone maker Foxconn's revenue slumps after Covid outbreak, unrest at China plant
Foxconn said November revenue totaled 551.1 billion new Taiwan dollars , down more than 29% versus October and over 11% lower compared to Nov. 2021.
The Taiwanese firm said the fall was due to "production gradually entering off-peak seasonality and a portion of shipments being impacted by the epidemic in Zhengzhou." Zhengzhou, a city in China, is home to the world's largest iPhone assembly plant, which is run by Foxconn. In late October, the factory had a Covid outbreak which Foxconn battled to get under control.Foxconn workers at Taiwanese firm's Zhengzhou, China factory, walked out over a pay dispute with the company. The Zhengzhou factory is estimated to account for more than 70% of Apple's global assembly of iPhones.
Foxconn said the fall was due to "production gradually entering off-peak seasonality and a portion of shipments being impacted by the epidemic in Zhengzhou." The company gave no further details. Zhengzhou, a city in China, is home to the world's largest iPhone assembly plant, which is run by Foxconn.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Foxconn expects full production at COVID-hit China plant late December to early January -sourceApple supplier Foxconn expects to see full production resume at a COVID-hit China plant around late December to early January, a source with direct knowledge told Reuters on Monday, after unrest at a major iPhone factory in China's Zhengzhou.
Read more »
Stock futures dip as bond yields rise on China COVID hopesS&P 500 to open just shy of 11-week highs as investors parse prospects for rate rises by the Federal Reserve in the wake of a strong U.S. jobs report.
Read more »
China readies new COVID rules as investors cheer easing shiftChina is set to announce the further easing of some of the world's toughest COVID curbs as early as Wednesday, sources told Reuters, as investors cheered the prospect of a policy shift that follows widespread protests and mounting economic damage.
Read more »
China eases controls but gives no sign when ‘zero Covid’ will endChina is easing some of the world’s most stringent anti-virus controls and authorities say new variants are weaker. But they have yet to say when they might end a “zero-Covid” strategy.
Read more »
Treasury yields move higher as China eases COVID curbsTreasury yields rise amid signs of easing COVID restrictions in China and as traders absorb a stronger-than-expected U.S. jobs report.
Read more »