After Sony, Foxconn has now also pointed out problems with the upcoming iPhone 15. The important Apple supplier does not expect the phone to be a success. On the contrary, it predicts a decline in iPhone demand. The smartphone market simply does not offer any growth at the moment.
Foxconn: iPhone demand declines
Foxconn parent company Hon Hai no longer expects the global smartphone market to recover in the foreseeable future. According to the important Apple supplier, sales of cell phones will not increase in the coming months. The iPhone 15, expected in September 2023, is not expected to change that. Hon Hai now expects a decline in demand for iPhones.
Previously, Foxconn had stated that business in the second half of the year was expected to be better than that between January and June 2023, but now smartphone sales are expected to decline throughout 2023. Just recently, Foxconn reported its biggest quarterly profit decline in three years. Sales at the parent company fell by around 30 percent (source: Bloomberg).
Foxconn is not alone in its assessment. Just a few days ago, Sony, a manufacturer of iPhone camera sensors, revised its forecast. The Japanese group now no longer assumes that Apple will be able to achieve a turnaround with the iPhone 15. According to Sony, sales with iPhones will no longer grow this year.
Foxconn: Investment of billions in India
Regardless of the iPhone sales forecast, Foxconn has announced that it will significantly increase its investments in India. More than 30 factories are already located in India, and more are to be added. According to the chairman of Hon Hai, Foxconn wants to invest more than 1.2 billion US dollars.