The Story:
Electronics major and world’s largest contract electronics manufacturer Foxconn saw its third quarter profits fall as production issues increased pricing related to the new iPhone.
Profits for the Taiwanese company fell to $700 million in Q3 compared to $1.09 billion in the year-ago period, a decline of 39 percent.
Important Because:
Apple’s numbers show that 46.7 million iPhone units were sold during the recent quarter, topping analyst estimates of 46.4 million units.
Whenever there’s a bottleneck with an Apple product, the iPhone maker’s suppliers and contractors bear the brunt of it.
Foxconn is currently the sole assembler of iPhone X, but the lack of parts meant it was unable to meet requirements.
As shoppers flock to retail outlets to get their 10th anniversary iPhone X, the product itself continues to face numerous roadblocks in terms of production.
That leaves an important question wide open: will Apple be able to meet this holiday quarter’s already-strong demand for iPhone X?
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