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Apple’s Supplier Foxconn Expects Conservative Growth in 2024 Amid Geopolitical Uncertainty

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Foxconn predicts less than 5% revenue growth

Foxconn, the key supplier for Apple, has offered a conservative outlook for 2024, predicting less than 5% revenue growth. The company's chairman, Young Liu, mentioned that geopolitical dynamics could easily offset any growth. However, Foxconn believes that growth momentum will come from its server business, driven by demand for cloud services and AI servers.

Worldwide monetary policies and inflation could influence performance

Liu also highlighted that worldwide monetary policies and inflation could have an impact on Foxconn's full-year performance in 2024. Despite the uncertainty, the company plans to continue investing in improving its business. The majority of its capital expenditure spending will be in China, followed by the US, Vietnam, and electric vehicle parts in Mexico.

Apple's packed 2024

While Foxconn expects conservative growth, Apple is expected to have a busy year in 2024. The company is set to unveil several new products, including the Apple Vision Pro (manufactured by Luxshare), new iPad models, MacBook models, Mac mini, and Mac Studio. Towards the end of the year, Apple will also introduce the new iPhone 16 family and new Apple Watch models, although these updates are not expected to be significant.

José, a Tech News Reporter at BGR, contributed to this article. He has previously covered Apple and iPhone news for 9to5Mac and worked as a producer and web editor for TV Globo in Latin America. He is based in Brazil.

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