Foxconn made tons of money in 2019 and expects even more in 2020

Tim Cook at Foxconn (Image credit: Apple)

What you need to know

2019 was a record year for Foxconn revenue.
The company expects things to be even better this year.
When Apple makes money, so does its partners.

Foxconn is one of the main players in the production of iPhones and DigiTimes reports that 2019 was the company's best yet.

The report notes that an increase of just 0.82% on 2018 was enough to give 2019 the crown as the best year for Foxconn revenue to date.

Foxconn Technology Group (Hon Hai Precision Industry) has announced consolidated revenues of NT$539.51 billion (US$17.79 billion) for December, down 10.48% on month and 12.89% on year, while its revenues for the fourth quarter of 2019 reached NT$1.73 trillion, growing 25.23% sequentially to hit the second-highest-ever record.Foxconn's consolidated revenues arrived at NT$5.33 trillion in full-year 2019, up slightly by 0.82% on year, and a new historical high.In December, the enterprise-related product business including server and network communication devices had the best on-month revenue growth, followed by the component and other business composed of connector, chassis and services, the consumer and smart product business including smartphones, TVs and game consoles.

Things are expected to continue their upward trend in 2020, according to DigiTimes, with iPhone business part of those high expectations.

For 2020, Foxconn is optimistic about the enterprise-related product business and expects strong on-year growth for the business, while the other three businesses will all see small on-year revenue growths.

Some analysts have suggested that 2020 will also be a bumper year for Apple. With Foxconn making iPhones it's likely the trickle-down of cash will fill the coffers of both companies this year.

Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too. Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.