Foxconn, the largest supplier of Apple, announced that revenue for February 2023 was down 11.65% compared to the same period in 2022, primarily due to weaker demand for electronics.
Despite the drop, Foxconn still recorded income of over $13 billion for the month, the second-highest all-time high for February.
In a statement, Foxconn confirmed that operations at the iPhone factory in China’s Zhengzhou city were back to normal after facing congestion from COVID-19 containment measures. The Zhengzhou factory is the largest iPhone factory globally.
Over the weekend, Foxconn also revealed that it is exploring various business opportunities in India.
In contrast, Foxconn reported record high revenue in January, with a 48.2% increase from the previous year, as the Zhengzhou factory resumed normal iPhone production after the Chinese government canceled the implementation of the zero COVID policy.
The decline in Foxconn’s revenue in February highlights the challenge of the current global economic environment and the challenges that companies face. As demand for electronics softens, Foxconn may face pressure to explore new business opportunities and diversify its product portfolio.