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Foxconn is still hopeful of a better second half of 2023, however, its parent company Hon Hai is doubtful about iPhonesales. The company has also predicted that iPhone and other smartphone sales will decline overall in 2023.
Hon Hai has also announced a drop in operating income.
The Cupertino-based tech giant is set to launch the iPhone 15 lineup next month. New iPhone launches usually make Apple’s final quarter of the year it’s most profitable.
According to a report by Bloomberg, Hon Hai has reported a 30% decline in operating income for its June 2023 quarter which amounted to a total of $968 million. Overall, Hon Hai also reported a net income of $1 billion.
Hon Hai’s net income has exceeded analysts’ predictions of $812 million. However, the income was helped by the company’s real estate sales and other non-manufacturing deals.
Foxconn to increase investment in India
Apart from announcing the latest financial earnings figures, Hon Hai Chairman Young Liu reaffirmed the company’s plans to increase investment in India. The company already has over 30 factories in the country.
As per the report, Hon Hai is also planning to invest more than $1.2 billion in India. The company has already promised nearly $500 million investment for building two new plants in Karnataka.
Foxconn is also set to mass produce AirPods in the country for the first time. The company is expected to start manufacturing Apple earbuds by December 2024.
Meanwhile, Foxconn has already started producing iPhone 15 models on its Tamil Nadu site. The upcoming iPhone lineup is expected to launch on September 12 and is rumoured to go on sale starting September 22. Only iPhone 15 and iPhone 15 Plus models will be manufactured in India.
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