Foxconn to Shed Light on China’s Tech Manufacturing Sector as iPhone Headwinds Mount

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Foxconn Technology Group’s public arm Hon Hai Precision Industry Co. will headline an earnings week that should offer insights into the outlook for China’s tech sector, where the slowing economy has dented consumer sentiment.

Bloomberg News

Justina T. Lee, Reina Sasaki and Harshita Swaminathan

Published Mar 07, 2024 • 3 minute read

Apple Inc. iPhone 15 smartphones on display at an Apple store in Beijing, China, on Friday, Sept. 22, 2023. Apple’s latest iPhones and watches went on sale today, a test of whether a new smartphone design and modest smartwatch changes can help return the company to growth. Photo by Andrea Verdelli /Bloomberg

(Bloomberg) — Foxconn Technology Group’s public arm Hon Hai Precision Industry Co. will headline an earnings week that should offer insights into the outlook for China’s tech sector, where the slowing economy has dented consumer sentiment.

Apple Inc.’s iPhone sales in China fell 24% over the first six weeks of the year, according to Counterpoint Research. That confirmed management’s view that the current quarter’s total sales and iPhone revenue would be similar to a year earlier, posing a challenge to Hon Hai, which gets about half its revenue from Apple.

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Bloomberg News

2024-03-07 21:14:35

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