Foxconn, a major Apple supplier, reported revenue in December 2018 dropped 8.3 per cent year-on-year to TWD619 billion ($20.1 billion) as demand for iPhones dipped towards the end of the year.
The company’s sales for the full year increased 12.5 per cent to TWD5.3 trillion.
After posting above 20 per cent monthly revenue growth from May to October 2018, the world’s largest electronics contractor started to feel the impact of weaker iPhone sales in November, when revenue rose just 5.6 per cent.
Apple CEO Tim Cook warned in early January the company was bracing for a year-on-year decline in revenue for its fiscal Q1, shaving $5 billion from its guidance. He later revealed hiring cutbacks in some departments, Bloomberg reported.
Cook said Greater China accounted for the “vast majority” of year-over-year iPhone revenue declines, noting economic and political factors weighed on both financial markets and consumers.
Overall smartphone shipments in China fell 15.3 per cent year-on-year in 2018 to 391 million units, data from the China Academy of Information and Communications Technology showed.Subscribe to our daily newsletter Back