Mayhem at Apple’s largest manufacturing facility as protests break out
Stocks
November 23, 2022
Foxconn’s plant in Zhengzhou, China, is Apple’s largest iPhone production facility — with as many as 200,000 workers living in a domestic campus.
The city has been under strict COVID restrictions since the start of November — as China flip-flops between reopening and closing.
Protests erupted at the factory in recent days.
How did it all go down?
- Foxconn denied bonuses to workers.
- Workers were scared of staying beside infected peers.
One worker screamed: “Please help us spread the word and get us on national headlines!” And it worked.
$AAPL investors, should you be worried?
95% of iPhones are produced in China. Alarming.
47% of Apple’s revenue came from iPhones. Better.
3% (3 million) fewer iPhone deliveries are expected this year. Calm yet?
Apple is much less reliant on iPhone sales now, compared to 2017, when nearly 70% of sales came from the category.
After falling 10% in the week after the latest COVID restrictions in China, $AAPL is back to where it traded at the start of the month — showing just how resilient its stock has been.
