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Business Maverick: Foxconn Reports Big Sales Drop After IPhone Plant Disruption

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Hon Hai Precision Industry Co. reported sales for November were down 11.4% from the prior year after some shipments were affected by a Covid outbreak in the Chinese city of Zhengzhou, where the company operates the world’s largest iPhone assembly complex.

Foxconn offered reassurances that the situation has been “brought under control” and that its production will improve through the rest of the year.

“In addition to reallocating production capacity of different factories, we have also started to recruit new employees, and are gradually moving toward the direction of restoring production capacity to normal,” Foxconn said in the statement.

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