Analysts have been debating the demand for Apple’s iPhone 14 device in the wake of inflation, rising interest rates and fears of a global recession.

Getty Images

Foxconna major supplier Applewarned Tuesday that it was “moderately positive” on its outlook for the fourth quarter after September’s record sales.

The Taiwanese company’s comments fueled the debate on the demand for the iPhone in the coming months, given the role it played in assembling Apple’s device.

Foxconn said September revenue reached 822.3 billion US dollars and 25.9 billion US dollars, an increase of 40.4% year-on-year and 83.2% higher than August, the company’s monthly sales record.

This strong revenue growth was driven by “new product launches and mass production” and the good performance of the consumer electronics products segment, which includes the key mobile phone business. Foxconn did not name its customers, including Apple, in its earnings release.

Neil Shah, partner at Counterpoint Research, said Foxconn’s record comes on the back of “stormy demand” for the higher-priced iPhone 14 Pro and Pro Max models, which were launched last month.

While Foxconn maintained its outlook for the full year, the company said on Tuesday it had a “moderately positive” outlook for the fourth quarter.

“Inflation trends, epidemics, and supply chains still need to be closely monitored,” Foxconn said.

Apple shares move lower as BofA downgrades shares

Source link