Rich Pinks

[cash4]

$HNHAF -Hon Hai Precision Industry Co. Ltd.

https://www.otcmarkets.com/stock/HNHAF/news

Trendforce cuts iPhone estimate after Foxconn delay
Feb. 10, 2020 10:20 AM ET|About: Hon Hai Precision Industry ... (HNHAF)|By: Brandy Betz, SA News Editor
Update: Foxconn has now received approval to resume operations at the Shenzhen facility, according to Reuters sources.

About 20,000 people or 10% of the facility's workforce returned to work as of Monday.

Original: Hon Hai/Foxconn (OTCPK:HNHAF,OTCPK:HNHPD) received approval to resume production at its Zhengzhou facility but hasn't been allowed to start back up in Shenzhen, according to Reuters sources.

Foxconn mainly assembles Apple's (AAPL -0.7%) iPhones in Zhengzhou, but some assembly occurs in Shenzhen, which is also the company's Chinese HQ.

About 16K people (or under 10% of facility employees) have returned to work in Zhengzhou.

Market research firm Trendforce cuts its March quarter iPhone production forecast by about 10% to 41M.

Related: Wedbush analyst Daniel Ives called Foxconn's delay in getting workers back a "shock the system" that will further disrupt Apple's supply chain.

https://seekingalpha.com/news/3540067-trendforce-cuts-iphone-estimate-after-foxconn-delay?utm_source=otcmarkets&utm_medium=referral