Dow Jones Newswires: Foxconn cuts Q4 outlook as COVID affects production in Zhengzhou

by | Nov 6, 2022 | Stock Market

By Kosaku Narioka Foxconn Technology Group said Monday that it is revising down its outlook for the fourth quarter due to the pandemic affecting some of its operations in Zhengzhou, China. The electronics maker, formally known as Hon Hai Precision Industry Co., said its visibility for the quarter was originally “cautiously optimistic.”

Foxconn said that the Henan provincial government had made it clear that it will fully support the company in Henan, where its most advanced iPhone plant has been battling a Covid-19 outbreak. Foxconn said it is working with the government to stamp out the outbreak and resume production at full capacity as quickly as possible. The electronics maker said Monday that revenue in October rose 41% from a year earlier to 776.58 billion new Taiwan dollars (US$24.26 billion), boosted by the launch of new products and strong demand in the server market. Revenue was down 5.6% from the previous month. Write to Kosaku Narioka at kosaku.narioka@wsj.com

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