Apple Inc (NASDAQ:AAPL) shares are volatile on Thursday. Key supplier Foxconn, or Hon Hai Precision Industry Co Ltd (OTC:HNHPF), turned in preliminary numbers for December showing production returned to normal last month.
What To Know: Apple shares faced selling pressure into the end of the year on supply chain concerns related to production constraints in China. Analysts have indicated that Apple could miss iPhone estimates in the current quarter by a wide margin.
The slide continued to start 2023 following reports Apple told multiple suppliers to build fewer AirPod, Apple Watch and MacBook components in the first quarter, citing weakening demand.
Related Link: Apple Tells Suppliers To Build Fewer Components For AirPods, Apple Watch And MacBook As Shares Sink To 52-Week Low
New commentary out of Foxconn suggests production was impacted less than most feared. Sales numbers for smart consumer electronics and cloud and networking products came in above Foxconn’s previously provided guidance.
Foxconn said “operations in China returned to normal” last month, which led to significant growth on a month-over-month basis.
According to a Reuters report citing a Foxconn source familiar with the matter, the December numbers show Apple didn’t cut orders.
See Also: Is Apple Stock Headed To $250? Why Gene Munster Says ‘One Of The World’s Greatest Companies’ Is Poised To Double
AAPL Price Action: Apple has a 52-week high of $180.17 and a 52-week low of $124.17.
The stock was up 0.09% at $126.47 at time of publication, according to Benzinga Pro.
Photo: courtesy of Apple.
