Hon Hai Precision Industry’s sales in February fell 11.7% from a year earlier, despite the boost the company received for its iPhone assembly plant from the reopening of China.
The supplier of Apple products, also known as Foxconn, said monthly revenue fell to NT$402 billion ($13 billion) last month. However, the company indicated in a statement that its first-quarter forecasts are “almost in line with market expectations,” based on sales figures in the past two months, according to Bloomberg, which was seen by Al Arabiya.net.
It is reported that the Lunar New Year holiday in China was in January this year, while in 2022 it was in February.
Production at the Taiwanese company’s massive iPhone assembly complex in Zhengzhou, China, resumed normal operations in January, after disruptions caused by the coronavirus outbreak.
Attention is focused on how popular iPhones will continue to be, as overall demand for smartphones falters across the world.
Hon Hai plans to invest about $700 million in a new factory in India to ramp up production there as more manufacturers move away from China to lessen potential fallout from rising tensions between Washington and Beijing.