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Foxconn Gives Cautious Outlook as Smartphone Sales Slow

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We just got some news from Foxconn, Apple’s (NASDAQ:AAPL) supplier that assembles the iPhones over in Taiwan.

Let’s talk about it. It might not be the best news.

Foxconn is saying now they’re cautious on outlook as smartphone sales are starting to slow after reporting a higher-than-expected 12% jump in net profit from April to June. This is interesting.

Foxconn Expects Flat Revenue Growth in Q3

Foxconn is now saying they expect flat revenue growth for the third quarter, and who knows what’s going to happen in the fourth quarter.

And analysts have warned that Apple should brace for softer demand, slowing demand in China as they’re still struggling with their economy from the lockdowns. Now there’s a whole real estate problem going on there, which we’re not going to talk about here, but that’s going to be an issue.

Is Apple Stock Overvalued?

And as for Apple (NASDAQ:AAPL) stock, it is up over 30% in the past couple of weeks from $129, now over $170, it is almost back to all-time highs, which to me makes no sense.

The stock did get a boost last week after Apple revealed the iPhone 14 series handsets and other new products at its annual autumn product announcement event.

With what we’re hearing from Foxconn, the issues overall, and the macro right now, I’m going to stay away from Apple (NASDAQ:AAPL).

I think it’s overvalued here. Let me know your thoughts.

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