iPhone assembler Foxconn feels the sting of slowing smartphone sales

Apple iPhone assembler Foxconn gave a cautious outlook for the current quarter after posting results that exceeded expectations, citing slowing smartphone demand after a pandemic-fuelled boom.

The comments from the Taiwanese company, the world's largest contract electronics maker, echo those from other Asian tech firms that have warned of a drop in sales of smartphones, TVs and gadgets as surging inflation and deepening concerns of a recession crimp consumer spending.

Foxconn has been largely shielded from these demand problems so far as the popularity of iPhones has endured among a loyal and relatively affluent customer base, and it said on Wednesday that