The chairman of the world’s biggest manufacturer of the Apple iPhone has warned that demand for smartphones is slowing down in the coming year as consumers tighten their belts in a worsening economy, even as the company’s profits have risen drastically in the recent past.
Young Liu, chairman of the Taiwanese manufacturing company Foxconn, has urged caution in upcoming financial quarters, as he anticipates that demand for smartphones will plateau in the near future as consumer spending declines amid widespread inflation, geopolitical crises, and fears of an impending recession in many first world economies.
