What you need to know
- Foxconn has reported a bumper quarter with a 20% increase in revenue.
- Strong demand for Apple devices is thought to be one of the reasons for the solid results.
Apple iPhone assembler Foxconn — also known as Hon Hai Precision — has announced bumper quarterly revenue with a 20% jump, according to a new report. It's thought that strong pandemic demand for Apple and other electronics is behind the boost.
According to a report by Bloomberg and Yahoo! Finance, revenue for the second quarter through June rose "to NT$1.36 trillion ($48.7 billion), the Taiwanese manufacturer reported, versus estimates for NT$1.34 trillion." Strong demand for iPhones is thought to have had an impact.
The strong showing from the world's largest contract electronics maker suggests demand for iPhones, gaming consoles and servers remains robust as consumers snatch up devices for remote work, home-schooling and entertainment needs. Companies are also spending on technology, expanding data-center infrastructure to better serve customers' online activities.
Foxconn will soon be busy building iPhone 13 handsets for Apple, something that will surely provide another strong quarter for the company. Apple is far from Foxconn's only customer, however, and strong sales throughout the industry will be helping Foxconn's bottom line right now.
Apple's iPhone 13 is expected to be announced in September with a launch following shortly after. New high-refresh screens, improved cameras, and a smaller notch are in the cards which will make this the best iPhone to date.