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1/14, 7:44 AM (Source: TeleTrader.com)
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Apple's supplier Foxconn sales significantly drop

Apple Inc.'s major chip supplier Foxconn Technology Group recorded an 8% yearly drop in sales in December, reflecting the United States tech giant's difficulties in keeping its iPhone customer base, Nikkei Asian Review reported on Monday. The decline marks the first annual decrease since November 2016 in the Taiwanese tech sector, the report said. Foxconn also saw an 8.3% monthly revenue decrease in December, "mainly due to the relatively large scale decline in the consumer electronics segment."

The news comes after Apple said it was lowering guidance for the first quarter of 2019, with the gross margin expected to come out 38% lower. Additionally, the company cut its revenue guidance to $84 billion, down from the previously expected range of $89 to $93 billion. On the other hand recent reports indicated that Apple is set to release three new iPhone models this year, including one with a liquid-crystal display.

Breaking the News / SS