Taipei, March 15 (BNA): Apple supplier Foxconn (2317.TW) on Wednesday reported a 10% drop in fourth-quarter net profit from a year earlier as production at its largest iPhone factory was disrupted by China’s strict coronavirus. -19 rules.
The world’s largest contract electronics manufacturer expected revenue to be stable in the first quarter and 2023, while smart consumer electronics revenue was estimated to register significant growth in the first three months.
The Taiwanese company said net profit for the October-December quarter fell to NT$40 billion ($1.31 billion) from NT$44.4 billion in the same period a year earlier, according to Reuters.
This came in line with an average profit forecast of NT$39.98 billion by 13 analysts, according to Reuters.
Without elaborating, the company said in a statement that revenue for its major consumer electronics products was flat in the fourth quarter compared to a year ago. The group includes smartphones and makes up more than half of its total revenue.
iPhone production faced disruption ahead of the Christmas and Lunar New Year holidays in January, after restrictions to control COVID-19 prompted thousands of workers to leave Foxconn’s factory lines at its massive campus in Zhengzhou, China.
The company said production had previously resumed in Zhengzhou, which produces the majority of Apple’s premium models, including the iPhone 14 Pro.
WWA