Apple supplier Foxconn expects decline in consumer electronics demand, prioritizes global growth
Summary
When Apple reported first-quarter 2023 results, Chief Financial Officer Luca Maestri said the company anticipated double-digit declines for Mac and iPad sales for the coming March quarter compared with the prior year. Foxconn will continue to expand its presence beyond mainland China and said the exploration of new markets was a key priority for the company in 2023. The Chinese government has since pulled back on the most aggressive of its Covid protocols, but Apple and other major technology companies have emphasized to suppliers a need to diversify beyond China. Demand for electronic goods has slowed dramatically as consumers grapple with the realities of a largely post-pandemic world. Global macroeconomic uncertainty has also dampened discretionary income, making it difficult for companies to continue the pace of rapid growth many enjoyed from 2020 to late 2021.
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