Apple slips as Foxconn expects smart electronics demand to decline 'slightly'
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Apple (NASDAQ:AAPL) shares slipped 1% Wednesday as the company's main manufacturing partner forecast weak demand for smart consumer electronics for 2023.
In conjunction with reporting fourth-quarter earnings, Foxconn Chairman Liu Young-way, said on an investor call that the company, also known as Hon Hai Precision (OTCPK:HNHPF), was taking a "relatively conservative view" towards smart devices, as rising inflation and the weakening global economy impact demand. 
Foxconn (OTCPK:HNHPF) also anticipates that revenue for the rest of the fiscal year will be roughly flat year-over-year. 
However, the company said it expects to see strong growth in other tech areas, including the cloud and networking.
Young-way also addressed the company's involvement with Silicon Valley Bank (SIVB) on the call, saying it had roughly $100M in indirect exposure to the troubled financial institution via investment funds.
Apple (AAPL) forecast some weakness for the upcoming period when Chief Financial Officer Luca Maestri said on the company's most recent earnings call that revenue performance for the March quarter would be "similar" to the December quarter.
Earlier this month, Foxconn reported February revenue of equivalent to $13B, down 39.1% month-over-month and down nearly 11.7% year-over-year. However, the company added year-to-date revenue was up 17.9% year-over-year to the equivalent of $34.6B.
It was recently reported that Apple (AAPL) and Foxconn had successfully lobbied for more liberal labor laws in the Indian state of Karnataka.