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Apple Supplier Foxconn Predicts Tough Quarter Ahead Amid Low Demand, Rising Inflation in China

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Apple supplier Foxconn warned that current-quarter revenue for its electronics business including smartphones could slip as growth slowed amid rising inflation and cooling demand in locked-down China, as well as escalating supply chain issues.

The Taiwanese firm, the world’s largest contract electronics maker, has grappled with a severe shortage of chips like other global manufacturers, which has hurt smartphone production including for its major client Apple.

While the company reiterated that COVID-19 controls in China only had a limited impact on its production as it kept workers on-site in a “closed loop” system, demand for its products in the country has suffered as people remain shut in. The slowdown has recently been exacerbated with a downturn in major markets due to high inflation and the war in Ukraine.

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The predictions reinforce the urgency for Foxconn to reduce its reliance on smartphones and consumer electronics, which make up slightly more than half of its total revenue, and diversify into areas such as electric vehicle (EV) manufacturing which it sees as a $34 billion (roughly Rs. 2,63,316 crore) business by 2025.

“There are many uncertainties in the market at the moment,” Foxconn Chairman Liu Young-way told a post-earnings call, citing the pandemic, geopolitical risks and inflation among them for the year.

“They are presenting quite some challenges to demand and supply.”

The slight decline estimated in consumer electronics revenue for the second quarter was due to a higher base last year and before new product launches later this year, he said.

The company, formally called Hon Hai Precision Industry Co Ltd, expects overall revenue to be flat for the current quarter and for the full year. It did not provide a numerical outlook, but projected strong growth for its other businesses such as components, computing products and cloud and networking products.

In the first quarter ended in March, Foxconn’s revenue rose 4 percent. Net profit grew 5 percent to TWD 29.45 billion (roughly Rs. 7,641 crore) and was largely in line with an average analyst estimate of TWD 29.76 billion (roughly Rs. 7,721 crore), according to Refinitiv.

In autos, Foxconn said it will develop new vehicles with struggling US EV maker Lordstown Motors. On Wednesday, the Taiwan company said it completed a deal to buy a factory in Ohio from Lordstown for $230 million (roughly Rs. 1,781 crore).

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The two companies will also form a joint venture to make vehicles, with Lordstown owning a 45 percent stake and Foxconn owning the rest.

Foxconn shares closed 1 percent lower ahead of the earnings release, versus a 2.4 percent drop in the broader market. They have fallen about 2 percent so far this year, giving the company a market value of $48.1 billion (roughly Rs. 3,72,551 crore).

© Thomson Reuters 2022


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iQoo Neo 6 India Launch Date Set for May 31, Will Feature Snapdragon 870 5G SoC: Expected Price, Specifications

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iQoo Neo 6 launch date in India has been confirmed to be May 31. The Chinese company announced that the smartphone will hit Indian markets with Qualcomm Snapdragon 870 5G chipset and 80W flash charge. This is different from the China variant of the iQoo Neo 6, which featured a Snapdragon 8 Gen 1 SoC. The handset is expected to come in two colour options and house up to 8GB of RAM and 128GB of inbuilt storage. Amazon had reportedly pushed out a notification last week indicating that the handset from iQoo will launch in India on May 31. Recent reports have also indicated that the sale of the smartphone may take place in the first week of June.

iQoo 6 Neo 6 launch date

iQoo Neo 6 launch date in India has been confirmed to be May 31 on Twitter, and there is a microsite on Amazon India that also teases the specifications. Earlier this week, the launch date was leaked by the e-commerce site when it reportedly pushed out a notification. Another report claimed that the sale of the upcoming iQoo smartphone would take place in the first week of June.

iQoo Neo 6 price in India (rumoured)

iQoo Neo 6 is expected to be priced at over Rs. 29,000 for its base model, as per a recent leak by tipster Paras Guglani. Meanwhile, its highest variant is tipped to have a price range higher than Rs. 31,000. iQoo Neo 6 is expected to be available in two colour options — Dark Nova and Interstellar.

iQoo Neo 6 specifications (leaked)

iQoo Neo 6’s Indian variant is expected to sport a 6.62-inch E4 AMOLED display with up to a 120Hz refresh rate, according to the tipster. The handset will run on Android 12. iQoo Neo 6 in India is confirmed to be powered by the Snapdragon 870 5G. The China variant of the iQoo Neo 6 was launched in mid-April, and features QualcommSnapdragon 8 Gen 1 SoC.

As mentioned earlier, the Indian variant of the iQoo Neo 6 is said house up to 8GB of RAM and 128GB of inbuilt storage. The handset is said to include a 16-megapixel front camera, apart from a triple camera setup with 64-megapixel (OIS), 8-megapixel, and 2-megapixel sensors. iQoo Neo 6 Indian variant is expected to house a 4,700mAh battery. The handset is also said to feature 80W fast charging.


Should you pick Vivo over Galaxy S22 and OnePlus 10 Pro? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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OnePlus Smartphone, Realme GT2 Master Explorer Edition, Asus ROG Phone 6 to Feature Snapdragon 8+ Gen 1 SoC

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OnePlus, Realme, and Asus have announced the launch of smartphones equipped with Qualcomm Snapdragon 8+ Gen 1 SoC, just a day after the flagship chipset was launched by Qualcomm. Asus will be bringing out the ROG Phone 6 gaming smartphone powered by the latest chipset from Qualcomm while the handset from OnePlus featuring the Snapdragon 8+ Gen 1 SoC is scheduled to hit the markets in the third quarter of the current year. Realme has also announced that its GT2 Master Explorer Edition will be the first handset to sport the Snapdragon 8+ Gen 1 SoC. To recall, several other manufacturers have announced use of the new Qualcomm SoCs, but these are the first few manufacturers to reveal concrete plans.

OnePlus in a post on Weibo teased an upcoming smartphone equipped with the Snapdragon 8+ Gen 1 SoC on its official Weibo page. Although the name of the handset has not been revealed by the company, OnePlus has said the smartphone will hit the market in Q3 of 2022.

Realme GT2 Master Explorer Edition will also feature the Snapdragon 8+ Gen 1 SoC. In fact, Realme has also claimed in its Weibo post that the flagship smartphone will be first Android mobile to be equipped with Qualcomm Snapdragon 8+ processor. The official launch date of the handset has not been announced yet.

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And finally, Taiwanese electronics giant Asus has also confirmed that ROG Phone 6 series, which will be launched as the Tencent variant in the Chinese market, will feature the Snapdragon 8+ Gen 1 SoC in both the Chinese and global variant. The ROG brand has also made the announcement on its official Instagram page where it has said that the ROG Phone 6 will be the first gaming smartphone to sport the Snapdragon 8+ Gen 1 SoC. 2D renders of the ROG Phone 6 series were leaked earlier this year. The design of the upcoming Asus ROG Phone 6 series was shown to be similar to the Asus ROG Phone 5 series.

Qualcomm recently launched the Snapdragon 8+ Gen 1 and Snapdragon 7 Gen 1 SoCs as its latest mobile platforms. Qualcomm claims that the Snapdragon 8+ Gen 1 is capable of delivering up to 10 percent faster CPU performance and 30 percent improved power efficiency over the Snapdragon 8 Gen 1. As we mentioned, apart from OnePlus, Realme, and Asus, several other manufacturers announced they would be launching smartphones with the latest Snapdragon 8+ Gen 1 SoC, including including Black Shark, Honor, iQoo, Lenovo, Motorola, Nubia, Oppo, Redmi, Vivo, Xiaomi, and ZTE.


Should you pick Vivo over Galaxy S22 and OnePlus 10 Pro? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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Flipkart Big Bachat Dhamaal Sale Kicks Off With Deals, Discounts on Phones, TVs

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Flipkart has kicked off its Big Bachat Dhamaal sale that brings discounts on phones including the Motorola Edge 20 Fusion 5G, Moto G31, Poco M4 Pro, and the Vivo T1 5G. In addition to discounts, there will be some models with exchange offers. The Flipkart sale that lasts until Sunday, May 22, is also claimed to introduce up to 80 percent discount on electronics and accessories and up to 70 percent off on TVs. Flipkart is also hosting limited-period deals at 12am, 8am, and 4pm until Sunday.

Flipkart Big Bachat Dhamaal sale mobile phone discounts

The three-day Flipkart Big Bachat Dhamaal sale brings the Motorola Edge 20 Fusion 5G starting at Rs. 18,999. The phone was launched last year at Rs. 21,499. Flipkart also has the Moto G31 beginning at Rs. 10,999, down from its launch price of Rs. 12,999. Similarly, the Moto G40 Fusion is available at Rs. 14,499. It debuted last year at Rs. 17,999.

If a Motorola phone is not your pick, the Flipkart sale has the Poco C31 starting at Rs. 7,499, down from its launch price of Rs. 7,999.

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The Poco M4 Pro 4G is also on sale starting at Rs. 12,999. It came last year with an initial price tag of Rs. 14,999.

Flipkart also has the Vivo T1 5G starting at Rs. 15,990. It debuted in February with a base price of Rs. 15,990. You can check out more Flipkart deals here.

Flipkart Big Bachat Dhamaal sale deals on electronics

Alongside the phones, the Flipkart Big Bachat Dhamaal sale is claimed to bring up to 80 percent discount on gaming accessories and up to 70 percent discount on TVs. The sale also brings discounts on some wireless earbuds, TV streaming devices, and laptop accessories, as listed on the Flipkart page.


Should you pick Vivo over Galaxy S22 and OnePlus 10 Pro? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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