What you need to know
- Apple's main iPhone supplier Foxconn says the global chip shortage could last until the second half of 2022.
- Robust iPhone sales likely boosted Foxconn's Q3 performance.
- The company has warned revenue will fall by 15% in Q4.
As reported by Reuters:
Foxconn reported a better-than-expected Q3, with profits jumping 20% thanks in part to strong demand for the iPhone. However, the company has warned its Q4 revenue may fall by more than 15% because of constraints. Chairman Liu Young-Way said, "regarding next year's prospects, we will be relatively cautious in our outlook."
The report continues:
Analysts cited by Reuters suggest "robust" iPhone sales drove Foxconn's third-quarter business, and that the company secured more than 75% of assembly orders from Apple in the quarter. Apple itself has noted how supply issues cost the company $6 billion in the last quarter, and that things were only going to get worse ahead of Black Friday and into the holiday season.
Apple's new iPhone and other devices are proving very popular, meaning an early Black Friday deal might well be the ticket to making sure you can get your hands on everything you're after to close out the year.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9