Hon Hai Precision Industry Co. — the parent company of Apple manufacturing partners Foxconn —now expects 2023 sales to fall after previously forecasting flat revenue, reports Bloomberg.

The Taiwanese company now expects most of its main business segments, including Apple’s iPhones, to contract “slightly” this quarter and over the entire year, as global economic malaise depresses consumer spending on electronics. The prediction has to be fairly troubling for Apple, as the company will almost certainly announces its iPhone 15 line-up next month.

Hon Hai reported a larger-than-expected 30% slide in operating income to NT$30.9 billion (approximately US$968 million) for the June quarter.

Article provided with permission from AppleWorld.Today