Foxconn warns of slowing smartphone demand

Foxconn has warned that demand for consumer electronics such as smartphones is slowing. Chairman Liu Yangwei said that for the rest of the year, the smartphone market is likely to perform at the same level as a year earlier. He cited possible risks, including the changing geopolitical situation, inflation and the Covid-19 pandemic. Foxconn reported a 12 percent rise in net profit in the quarter ended June from a year earlier, helped by strong demand for smartphones and cloud computing equipment.

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