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China Lockdowns Apparently Do Not Hurt Operations As Much As Had Expected, Says Foxconn – $AAPL $DIA

By John F. Heerdink, Jr.

Reportedly, Foxconn, a major assembler of Apple’s (AAPL) iPhones, informed that the impact of China’s Covid lockdowns on its operations is not as worse as expected. In late March, China ordered a series of lockdowns in some of its major cities after witnessing a surge in coronavirus cases. Following the lockdown, Foxconn said it would pause its operations in Shenzhen, a Chinese manufacturing hub where the company produces some iPads, iPhones, and Macs.

Foxconn Chairman Liu Young-way informed that the company experienced a more limited impact from the lockdowns than it anticipated, and as a result, it raised its outlook for the current quarter and the full year. However, the situation does not necessarily mean Apple is totally in the clear from supply chain constraints caused by Covid-19 lockdowns, or chip shortages, but it suggests the situation is at least improving for iPhone manufacturing.

Foxconn Chairman Liu Young-way stated, “The overall lockdown impact on Foxconn is rather limited. You can tell from our revenues in April, and May’s performance is also better than we estimated.”

Dow 30 component Apple (AAPL) has revolutionized personal technology with the introduction of the Macintosh in 1984. Today Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s four software platforms — iOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to “leaving the world better than they found it. To learn more about Apple (AAPL) and track its ongoing progress at Vista Partners Apple (AAPL), Coverage Page.

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(Read Original Story: Apple iPhone manufacturer says China lockdowns aren’t hurting supply chain as much as feared in CNBC)


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