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Home Business News

Apple supplier, Foxconn to reopen manufacturing base in China

Ruth Okwumbu-Imafidon by Ruth Okwumbu-Imafidon
March 6, 2020
in Business News, Company News
Apple supplier Foxconn to reopen manufacturing base in China
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Apple’s supplier and manufacturing partner, Foxconn has pledged to resume normal production in China, its top manufacturing base by the end of March 2020.

Foxconn disclosed this after Apple’s declaration of a 10% drop in share price, as a result of the fall in the production of electronics and other devices in the first quarter.

Apple had warned that its revenue could drop by more than 15% if Foxconn failed to resume operations soon. The company said it did not expect to see any revenue growth in the first half and made a “mild downward revision” from its original guidance of “slight growth” for the year due to the coronavirus.

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Any delay from Foxconn, according to the Apple statement, could cloud the timeline for the release of new Apple I-phones; as Apple, had weeks earlier, rescinded its March quarter sales guidance, citing a slower ramp-up of manufacturing in China among other reasons.

Foxconn, formally known as Hon Hai Precision Industry Co Ltd, said in a stock exchange filing that revenue fell to T$217.5 billion ($7.28 billion) in February. This marked the biggest monthly drop in revenue in about seven years in February owing to the Coronavirus outbreak.

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Reuters reported that theTaiwanese company, which assembles Apple’s iPhones, witnessed its revenue slide 18.1% in February compared with a year earlier – the biggest monthly fall since March 2013 and the third consecutive month of decline.

(READ MORE: Apple to settle customers with $500 million over slow iPhones)

Foxconn is among the manufacturers worldwide grappling with virus-related restrictions that have disrupted supply chains and diminished demand. Foxconn also services other top technology companies like Acer Inc., Amazon, Dell, Cisco, BlackBerry Ltd, Hewlett-Packard, Huawei, Google, Intel, Sony, and Toshiba.

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Foxconn Technology Group is a Taiwanese multinational electronics contract manufacturer with its headquarters in Tucheng, New Taipei City, Taiwan, China. It is the world’s largest provider of electronics manufacturing services and the fourth-largest information technology company by revenue. Foxconn is the largest private employer in Taiwan and one of the largest employers worldwide.

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Tags: AppleFoxconnFoxconn Technology GroupHon Hai Precision Industry Co Ltd

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