Foxconn

Apple supplier Foxconn registered a second consecutive quarter of year-on-year revenue declines in Q3, with sales falling in three of its four major product groups due to weak consumer demand.

Contract manufacturer Foxconn reportedly commenced production of the next iPhone model in a factory in southern India, as it continues to shift manufacturing to other markets and reduce its reliance on China.

Foxconn cut its full-year revenue guidance due to continued economic uncertainties including global monetary tightening, geopolitical tensions and inflation.

Foxconn plotted to up its investments in India as it shifts work out of China, with Bloomberg reporting the company will spend an additional $500 million on two component factories in the state of Karnataka.

Hon Hai Precision (Foxconn) withdrew from a joint venture with Indian conglomerate Vedanta Group to build semiconductor and display production plants in the country, in a blow to the state’s plans to bolster the segment.

Hon Hai Technology (Foxconn) forecast revenue to improve in the current quarter on a shift into a peak season for consumer electronics, after registering a double-digit drop in Q2.

Electronics manufacturer Hon Hai Technology Group (Foxconn) reportedly received the go-ahead from authorities in Vietnam to invest $246 million in assembling telecoms and electronic vehicle (EV) equipment in the country.