Investors struggle to gauge iPhone demand as Foxconn revenue growth slows

Foxconn plans to invest about $700m in a new plant in India to ramp up production there, as more manufacturers shift from China to reduce fall-out from growing Washington-Beijing tensions

Investors are struggling to gauge how the popularity of iPhones and mobile devices will hold up this year.

Foxconn increased revenue by les than 4% last quarter, underscoring how fears of a recession are crimping demand for iPhones and other consumer electronics.

The world’s largest maker of Apple's devices reported revenue of $48 billion for the usually slower March quarter. That’s down steeply even from the previous three months, when a covid outbreak prompted protests at its main Zhengzhou facility in central China, disrupting iPhone production for weeks.