What you need to know
- Apple supplier Foxconn has posted profits of around $1 billion.
- It smashed forecasts and estimates as it continues to capitalize on the demand for devices driven by working from home.
Apple's largest supplier Foxconn, maker of devices like the iPhone 12, has smashed expectations and recorded a profit of around $1 billion for Q1 of 2021.
Last week Foxconn reported its best-ever April thanks to very strong iPhone 12 shipment numbers, as well as strong demand for the PS5, which combined to delivered 13.44% growth on March and 31% year on year.
It comes following a slight decline on profits for the final quarter of 2020.
Q2 might not be so kind to Foxconn, with the company predicting in March that a global chip shortage could see shipments fall by 10%, from that report:
Foxconn, like Apple, has cashed in on very strong demand for the iPhone 12. The best iPhone in recent memory, Apple has seen strong demand and bumper sales across the board, save for the iPhone 12 mini. Despite this Apple is expected to give the 'mini' iPhone one more run with the iPhone 13 before dropping it next year.
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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. Follow him on Twitter @stephenwarwick9