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☆ Foxconn raises Q4 outlook on strong year-end holiday sales
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

The logo of Foxconn is seen outside the company's building in Taipei, Taiwan November 10, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Dec 5 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker and a major Apple (AAPL.O) supplier, on Tuesday raised its outlook for the fourth quarter on strong year-end sales for the holiday peak season. The fourth quarter is traditionally the hot season for Taiwan's tech companies as they race to supply smartphones, tablets and other electronics to major vendors such as Apple for the year-end holiday period in Western markets. "Therefore, the outlook for the fourth quarter should be better than the original guidance for 'significant growth'", the company added, without elaborating. For components and other products, revenue in November showed strong year-on-year growth "due to increasing allocations in smart consumer electronics products and rising shipments in auto components", it added.

Persons: Ann Wang, Foxconn, Ben Blanchard, Sarah Wu, David Goodman Organizations: REUTERS, Rights, Apple, Hai Precision Industry Co, Revenue, Foxconn's, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, Zhengzhou, Foxconn's Taipei

☆ China's Zhengzhou city launches property support measures
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas Peter/File PhotoBEIJING, Aug 4 (Reuters) - China's Zhengzhou city has launched measures to support its property market, including easing home resale restrictions, in what analysts said were the first such moves by a big city heeding signals from policymakers. "Zhengzhou's property easing measures will most likely be warmly welcomed by markets, and we expect other tier-2 cities and even tier-1 cities to follow," said Nomura in a research note on Friday. "We are also concerned that merely easing restrictions on existing home sales without lifting restrictions on home purchase may add supply and depress home prices." On Thursday, China's central bank governor pledged to guide more financial resources towards private firms including property. Demand for the property sector, once a pillar of economic growth, has remained weak in recent weeks - property sales between May and June showed the largest monthly drop this year, based on sales by floor area.

Persons: Thomas Peter, Nomura, Liangping Gao, Ryan Woo, Himani Sarkar, Muralikumar Organizations: REUTERS, Communist Party, Thomson Locations: Zhengzhou, Henan province, China, BEIJING, China's, Henan

☆ Foxconn sees AI driving strong server demand, but full year to be flat
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

"You can see the market for AI servers will rise much faster than expected. The Taiwanese company has a 40% global market share for servers and aims to further increase that, Liu added. In the first quarter, Foxconn's cloud and network products segment, which includes servers, accounted for 22% of revenue, second only to smart consumer electronics - which includes smartphones - at 56%. Foxconn, which assembles around 70% of iPhones, has been diversifying production away from China, whose strict COVID-19 restrictions disrupted its biggest iPhone plant last year. Liu said China, including its massive iPhone plant in China's Zhengzhou, remained very important for Foxconn.

Persons: Liu Young, Liu, Foxconn, Jun Seki, Ben Blanchard, Faith Hung, Christopher Cushing Organizations: Apple Inc, Hai Precision Industry Co, General Motor Co, Nissan, EV, Thomson Locations: TAIPEI, Lordstown , Ohio, EVs, Taiwan, United States, Indonesia, India, China, Beijing, Washington, China's Zhengzhou

TAIPEI, March 15 (Reuters) - Apple Inc supplier Foxconn (2317.TW) said on Wednesday it expected smart consumer electronics demand would decline slightly this year, as it reported a 10% fall in fourth-quarter net profit from a year earlier, in line with analysts estimates. The world's largest contract electronics maker, which gets more than half of its revenue from consumer electronics, forecast significant growth this year in other areas such as computing, cloud and networking and component products. Net profit for the October-December quarter fell to T$40 billion ($1.31 billion) from T$44.4 billion in the same period the previous year, the company said. That was in line with an average forecast of T$39.98 billion profit by 13 analysts, according to Refinitiv. In the fourth quarter, revenue for its key consumer electronics products division was flat compared to a year ago, the company said in a statement, without elaborating.

TAIPEI, March 15 (Reuters) - Apple Inc supplier Foxconn (2317.TW) on Wednesday said it plans to ramp up investment outside of China and efforts to attract automakers to its contract manufacturing business, as the company reported weaker demand for consumer electronics. Foxconn, which assembles around 70% of iPhones, has been diversifying production away from China, whose strict COVID restrictions disrupted its biggest iPhone plant last year. The company also seeks to avoid a potential hit to its business from mounting trade tensions between Beijing and Washington. "Foxconn will actively expand its EV business in North America and work more comprehensively with traditional and start-up car makers," Liu said. Liu said revenue from EV components is expected to rise sharply to between T$50 billion and T$100 billion this year from T$20 billion last year.

☆ Apple supplier Foxconn replaces iPhone business chief- Bloomberg News
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - Taiwan's Foxconn (2317.TW) has appointed Michael Chiang as the new boss for its iPhone assembly business after a tumultuous year in China, Bloomberg News reported on Tuesday, citing people familiar with the matter. Chiang replaces longtime leader Wang Charng-yang as head of the iPhone assembly division, the Bloomberg report said. Apple did not immediately respond to a request for comment. Chiang's appointment is part of Foxconn Chairman Young Liu's efforts to elevate younger executives to maintain the company's supply chain leadership in the face of growing competition from Chinese contenders, the Bloomberg report said. Reporting by Lavanya Ahire in Bengaluru; Editing by Dhanya Ann Thoppil and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Apple supplier Foxconn says December revenue fell 12.3% y/y
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: 1 min

TAIPEI, Jan 5 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker, on Thursday said revenue in December dropped 12.3% year-on-year after production problems related to COVID-19 controls at a major iPhone factory in China's Zhengzhou. The company in a statement said production at the major iPhone factory in China "basically returned to normal" in December. It did not elaborate. Reporting by Sarah Wu and Yimou Lee; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Apple to sign Luxshare for iPhone production in China - FT
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

Luxshare, which was founded in 2004, became an Apple supplier in 2011 and has steadily moved up the hardware giant's value chain, from making connector cables for the iPhone and Macbook to manufacturing Airpods. Analysts expected Apple to diversify its supplier base amid production disruptions in China due to employee unrest at a factory operated by Foxconn and COVID-19 induced lockdowns. Apple in November warned of lower shipments of its premium iPhone 14 models following significant production cuts. Industry research firm TrendForce said on Saturday that Apple decided to employ Luxshare as one of the assemblers for the upcoming iPhone 15 Pro Max. TrendForce added that Luxshare's only iPhone assembly plant is located in China and it doesn't plan on setting up an iPhone production line at its Vietnam plant where it assembles Apple accessories.

☆ Foxconn's COVID-hit China plant close to resuming full production -sources
▼ + stars: | 2023-01-03 | by ( Yimou Lee | ) www.reuters.com time to read: +2 min

TAIPEI, Jan 3 (Reuters) - Foxconn's COVID-hit iPhone plant in China's Zhengzhou city is almost back to full production, with its December shipments reaching about 90% of initial plans, two people with direct knowledge of the matter said. A company source told Reuters last month that it was aiming for the plant to resume full production around late December to early January. "Production has almost fully resumed," said one of the people on Tuesday, who declined to be identified as the information was private. The second person said production was nearly back to normal but that company officials remained cautious over the outlook due to a spike of COVID-19 cases across China. The Zhengzhou plant's troubles highlighted the difficulties companies and workers had in adhering to China's zero-COVID-19 policy.

☆ Foxconn's COVID-hit China plant close to resuming full production, sources say
▼ + stars: | 2023-01-03 | by ( Yimou Lee | ) www.reuters.com time to read: +2 min

☆ Foxconn's Covid-hit China plant close to resuming full production, sources say
▼ + stars: | 2023-01-03 | by ( ) www.cnbc.com time to read: +1 min

Foxconn's Covid-hit iPhone plant in China's Zhengzhou city is almost back to full production, with its December shipments reaching about 90% of initial plans, two people with direct knowledge of the matter said. It was also hit by a bout of worker unrest over payment issues. Foxconn has been offering bonuses to attract new workers and convince those still there to stay on. A company source told Reuters last month that it was aiming for the plant to resume full production around late December to early January. "Production has almost fully resumed," said one of the people on Tuesday, who declined to be identified as the information was private.

☆ Foxconn expects full production at COVID-hit China plant late December to early January -source
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: 1 min

TAIPEI, Dec 5 (Reuters) - Apple supplier Foxconn (2317.TW) expects to see full production resume at a COVID-hit China plant around late December to early January, a source with direct knowledge told Reuters on Monday, after unrest at a major iPhone factory in China's Zhengzhou. Foxconn and the local government are working hard on the plant's recruitment drive but many uncertainties remain, the source said. The largest factory making Apple's iPhone has been grappling with strict COVID-19 restrictions that have fuelled discontent among workers and disrupted production ahead of Christmas and January's Lunar New Year holiday, as many workers were either put into isolation or fled the plant. Foxconn declined to comment. Reporting By Yimou Lee; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Foxconn asks workers for referrals to replenish China plant's staff
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 30 (Reuters) - Apple (AAPL.O) supplier Foxconn on Wednesday offered a 1,000 yuan ($141.11) award to staff who successfully recommend people to work at its plant in China's Zhengzhou city, as it tries to replenish depleted staff numbers there after recent unrest. Typically, a Foxconn worker makes between 3,000 to 4,000 yuan a month. Last week, violent protests erupted at the facility over a bonus issue, prompted several others to leave. Foxconn has already upped bonuses for existing workers, and is offering higher pay packages for new workers. On Wednesday, the Zhengzhou Airport Economic Zone where the Foxconn plant is located, said it would undertake those measures from Dec. 1.

☆ Foxconn unrest risks iPhone shipments, weighs on Apple shares
▼ + stars: | 2022-11-26 | by ( Yimou Lee | ) www.reuters.com time to read: +5 min

Apple shares were down 1.9% in late morning trade on Friday, while the benchmark Nasdaq index was down 0.3%. LOWER SHIPMENTSKGI Securities analyst Christine Wang said if the current issue lasts through December, around 10 million units of iPhone production will be lost, which translates to 12% lower iPhone shipment in the last quarter of 2022. REUTERS/Ann Wang 1 2Wedbush Securities estimates many Apple stores now have 25% to 30% fewer iPhone 14 Pros than normal heading into the holiday shopping season. In a statement on Nov. 7, Apple said it expected lower iPhone 14 Pro and iPhone 14 Pro Max shipments than previously anticipated. Another Foxconn source familiar with the matter said some new hires had left the campus but did not elaborate on how many.

☆ Morning Bid: Gloomy enough?
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +4 min

Asset managers tout a return to beaten-down bonds as a result - even if there's far less enthusiasm for equity in that environment. But the view hinges on economies slowing to a point that drags inflation back down toward 2% targets. So far at least, most incoming economic numbers are less gloomy than forecast. Likewise equivalents for the euro zone, China and the world at large - with UK surprises the most positive since April. The People's Bank of China said it would cut the reserve requirement ratio for banks by 25 basis points.

☆ Larger protests under control at Foxconn's major iPhone factory in China - source
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: 1 min

TAIPEI, Nov 24 (Reuters) - Larger protests at Foxconn's (2317.TW) flagship iPhone plant in China were under control and the company continued to communicate with employees engaged in smaller protests, a source said on Thursday. Hundreds of workers joined protests at Foxconn's major iPhone plant China's Zhengzhou this week, with some men smashing surveillance cameras and windows, footage uploaded on social media showed. read moreReporting By Yimou Lee; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Foxconn says 'technical error' occurred when hiring workers at major iPhone plant in China
▼ + stars: | 2022-11-24 | by ( ) www.cnbc.com time to read: 1 min

Foxconn employees on the assembly line in Longhua, Shenzhen, China. The company reportedly employed students working overtime at its iPhone factory in Zhengzhou. Apple's major supplier Foxconn said on Thursday a "technical error" occurred when hiring new recruits at a major iPhone factory in China and offered an apology, one day after the company was rocked by fresh worker unrest. Hundreds of workers joined protests at Foxconn's flagship iPhone plant in China's Zhengzhou, with some men smashing surveillance cameras and windows, footage uploaded on social media showed. The company said in a statement it will continue to communicate with employees and try its best to solve concerns and demands by them.

☆ Shares jump, dollar falls after cooler-than-expected U.S. inflation
▼ + stars: | 2022-11-10 | by ( Alun John | ) www.reuters.com time to read: +4 min

[1/2] U.S. Dollar banknotes are seen in this illustration picture taken June 14, 2022. The yield on benchmark U.S. 10-year Treasuries dropped 23 basis points after the data to 3.9137%, S&P futures rose 3% and Nasdaq futures rose 4%. In currency markets the dollar sold off sharply, falling 1.75% against the rate sensitive Japanese yen to 143.64, while the euro climbed 1.2% to $1.016 a two-month high. Sky-high inflation has caused the Fed to raise rates aggressively this year, a process that has boosted the dollar and caused U.S. Treasuries and shares around the world to sell off sharply. U.S. crude oil futures were 0.1% higher at $85.93 per barrel, while Brent crude futures gained 1% to $93.58.

☆ Apple supplier Foxconn to update on outlook after China COVID curbs
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Foxconn's main Zhengzhou plant in central China, which employs about 200,000 people, has been rocked by discontent over stringent measures to curb the spread of COVID-19, with many workers fleeing the site. A source familiar with the matter said Foxconn aims to resume full production at its Zhengzhou plant by the second half of November. Apple said on Monday it expects lower shipments of high-end iPhone 14 models than previously anticipated following a significant production cut at the virus-blighted plant in China, dampening its sales outlook for the year-end holiday season. Shares in Foxconn, formally called Hon Hai Precision Industry Co Ltd, closed up 2.5% on Wednesday, outperforming the broader market's (.TWII) 2.2% rise. Reporting by Ben Blanchard; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Apple supplier Foxconn says working to resume China production as soon as possible
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +3 min

TAIPEI, Nov 7 (Reuters) - Taiwan's Foxconn, Apple Inc's biggest iPhone maker, said on Monday it was working to resume full production at a major plant in China's Zhengzhou as soon as possible that has been hit by COVID-19 curbs, and revised down its fourth quarter outlook. "Foxconn is now working with the government in concerted effort to stamp out the pandemic and resume production to its full capacity as quickly as possible." Foxconn, formally Hon Hai Precision Industry Co Ltd, is Apple's biggest iPhone maker, accounting for 70% of iPhone shipments globally. Having previously guided for "cautious optimism" in the fourth quarter, Foxconn said it will "revise down" its outlook given events in Zhengzhou. Computing products, smart consumer electronics products, and cloud and networking products all showed double-digit growth last month, compared to the same period last year, the company added.

☆ Exclusive: Foxconn COVID woes may hit up to 30% of iPhone November output from Zhengzhou plant
▼ + stars: | 2022-10-31 | by ( Yimou Lee | ) www.reuters.com time to read: +3 min

It also builds the device in India and southern China, but its Zhengzhou factory assembles the majority of its global output. A second person familiar with the situation said many workers remained at the Zhengzhou plant and that production was continuing. Foxconn on Oct. 19 banned dining at canteens at the Zhengzhou plant and required workers to eat meals in dormitories. Foxconn and local authorities have not disclosed the number of any infected workers at the site. Zhengzhou, capital of central Henan province, has since Oct. 19 reported 264 locally transmitted COVID-19 cases.

☆ Foxconn COVID woes may hit up to 30% of iPhone Nov shipments from Zhengzhou plant - source
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

TAIPEI, Oct 31 (Reuters) - Apple supplier (AAPL.O) Foxconn's (2317.TW) COVID-19 woes at its vast iPhone manufacturing facility in China's Zhengzhou city could slash the site's November iPhone shipments by up to 30%,a source with direct knowledge of the matter said. The source, who declined to be identified as the information was private, said Foxconn is now working to boost iPhone production at its factory in the southern city of Shenzhen. Foxconn referred Reuters to a statement it released late on Sunday, in which the company said the situation was gradually coming under control and Foxconn would coordinate back-up production capacity with its other plants to reduce any potential impact. read moreApple did not immediately respond to Reuters request for comment. Reporting by Yimou Lee; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Foxconn imposes restrictions on iPhone assembly plant in China's Zhengzhou - SCMP
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone SiuOct 21 (Reuters) - Taiwan's Foxconn (2317.TW) has imposed tough COVID-19 control restrictions on its plant in the Chinese city of Zhengzhou that assembles Apple Inc's (AAPL.O) iPhone, the South China Morning Post reported on Friday. "Production in the Zhengzhou campus remains normal, without a notable impact (from the Covid-19) situation," SCMP quoted a Foxconn spokesman as saying on Thursday. The new measures come as Foxconn's factory is ramping up production of the latest iPhone 14 models, SCMP added. Both Foxconn and Apple did not immediately respond to a Reuters request for comment.

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