Remains
Foxconn (OTCPK:FXCOF), the maker of Apple’s (NASDAQ:AAPL) iPhones, as well as 100 of the largest countries in China, have been asked to operate inside a “closed loop” for seven days in Shenzhen, China as the city battles another outbreak of COVID-19.
Bloomberg reported that other companies, such as Huawei, BYD Company Limited (OTCPK:BYDDY), ZTE and drone-maker DJI were asked to limit their operations only to employees inside the loop and have little to no contact beyond that network.
In addition, Chinese government officials have asked the companies to limit unnecessary interaction between manufacturing staff and non-manufacturing staff to limit infection, the news outlet added.
Apple (AAPL) shares rose more than 0.5% to $154.97 in premarket trading on Monday.
Separately on Monday, Digitimes reported that Apple (AAPL) has asked iPhone suppliers to scale up components ahead of the next launch, slated to happen in September, citing supply chain sources.
Cupertino, California-based (AAPL) is slated to report fiscal third-quarter results on July 28. The company previously said that Covid-related lockdowns, as well as supply chain disruptions, would impact revenue in the period anywhere between $4B and $8B.
Earlier this month, Wedbush Securities said Apple (AAPL) is likely to meet fiscal third-quarter results, but investors will be looking more at demand, especially with the iPhone 14 getting ready to launch in the fall.
