Due to the initial iPhone X production problems, Foxconn latest financial report shows the biggest year-on-year profit decline in a decade. Bloomberg reported that Hon Hai Precision Industry Co., Ltd. (Foxconn) profits in the third quarter dropped to 700 million US dollars, down 40% over the same period last year.
Foxconn's profitability was affected as it was unable to assemble as many iPhone X devices as possible in the short term, as it had been expected, as parts availability was limited. We have learned from various reports over the past few months about the various production issues associated with Face Recognition 3D sensors.
Foxconn's third-quarter profit relies heavily on iPhone X production as orders for the iPhone 8 series have been shared with other manufacturers like Pegatron.
However, investors are not too shocked by the sharp decline in the Foxconn revenue over the same period last year, as the company expects a sharp rally in the fourth quarter. Apple is expected to create the highest ever revenue record for the holiday season and is expected to sell more than 80 million new iPhones.
The current market demand for iPhone X is undoubtedly strong, and it seems that many supply problems have also been resolved. But now to the online Apple Store booking iPhone X, still have to wait about 4 weeks and limit the purchase of two.