Foxconn Unrest to Further Drag Down Apple’s (NASDAQ:AAPL) iPhone Shipments
November 25 2022 - 09:44AM
TipRanks
The chaos at Foxconn’s Zhengzhou, China plant is expected to hit
Apple's (NASDAQ:AAPL) iPhone November shipments by over 30%, up
from the previous estimate of up to 30%, as per a Reuters report
that cited a person with direct knowledge of the matter. Production
at Foxconn, which contributes about 70% of iPhone’s global
shipments, is getting impacted by the departure of additional
workers at the Zhengzhou plant. The Zhengzhou Foxconn
plant, which was already facing COVID-related disruptions, was
further hurt by violent protests by workers on Wednesday due to
delayed bonus payments. Employees had earlier expressed their
disappointment over the working conditions at the plant amid
stringent COVID restrictions.
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