Taiwanese electronics contract manufacturer Foxconn shared on Tuesday that the supply situation in China is gradually starting to normalize.
In a meeting with shareholders, Young Liu, the CEO and Chairman of Foxconn, said that the company is “confident in the stability of [its] supply chain for the second half of this year.” He believes that the company is now heading “in a better direction” as COVID-19 lockdown is gradually easing.
Earlier, Foxconn had to suspend its production amid a major outbreak of COVID-19 in the country. At the time, Foxconn warned that its revenue in the electronics segment including smartphones might have not grown amid rising inflation, lower demand for devices, and supply problems, which arose, among other things, due to a new wave of the quarantine in China.
— Reuters (@Reuters) May 31, 2022
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