IPhone Maker Hon Hai Cuts Outlook After Mobile Demand Sags

(Bloomberg) — Hon Hai Precision Industry Co. now expects 2023 sales to fall after previously forecasting flat revenue, sounding a warning about demand for the devices it makes for Apple Inc. and other global firms.

The Taiwanese company now expects most of its main business segments, including smartphones, to contract “slightly” this quarter and over the entire year, as global economic malaise depresses consumer spending on electronics. It reported a larger-than-expected 30% slide in operating income to NT$30.9 billion ($968 million) for the June quarter.