Apple supplier warns revenue could slow due to inflation, slowing demand
One of Apple's (NASDAQ:AAPL) manufacturing partners, Foxconn, said that revenue for the current quarter could decline due to a number of reasons, including rising inflation, slowing demand and Covid-related lockdowns in China.
In comments obtained by Reuters, Foxconn Chairman Liu Young-way said that while the COVID-19 lockdowns had a limited impact on its production, demand in China has slowed as people remain locked down.
"There are many uncertainties in the market at the moment," Young-way said, adding that, "They are presenting quite some challenges to demand and supply." 
Apple (AAPL) shares fell nearly 1.5% to $144.39 in premarket trading on Thursday.
However, Young-way noted that inflation was hitting demand for lower-end electronics, but had not seen any impact to mid or high-end products yet.
"We are closely watching when inflation will impact mid and high end products," he aded.
Foxconn forecast revenue for the upcoming quarter and full-year to be flat compared to last year after reporting 4% growth in the first-quarter.
Cupertino, California-based Apple (AAPL) recently lost its crown to Saudi Aramco (ARMCO) as the world's most valuable company in light of the recent stock market rout that has hit tech companies.
In its most recent quarter, Apple (AAPL) Chief Executive Tim Cook warned that revenue could be impacted between $4 billion and $8 billion due to the Covid-lockdowns in China and supply chain concerns, but demand was still healthy.