What you need to know
- Apple supplier Foxconn has posted lower-than-expected profits despite strong iPhone 12 sales.
- Net profit of $1.6 billion was around 4% lower than the year before.
Apple supplier Foxconn has posted lower-than-expected profits despite strong iPhone 12 sales.
Those figures represent a 4% decline on the previous year, however, revenue rose 15% year on year. According to the report, that was mainly driven by a "more than 15% revenue increase on the year" from consumer electronics including smartphones. Looking ahead, Foxconn seems hopeful:
Foxconn beat its Q3 expectations thanks to robust iPhone 12 demand at the start of the year, and the company was recently given the go-ahead to build a shiny new plant in Vietnam as it diversifies its operations at the behest of Apple. Vietnam will become a home of some MacBook and iPad assembly. The news comes despite reports from 2020 that the relationship between Foxconn and Apple was "eroding", causing Foxconn to employ "questionable tactics" in a bid to grow its earnings, from October:
Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple.
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