Foxconn comes with a good quarterly report

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Hon Hai Precision, the official name of electronics manufacturer Foxconn, continues to benefit from the growing demand for iPhones. The major supplier of iPhone-maker Apple came up with better than expected figures. This also shows that the company is recovering from the crisis.

Foxconn is behind for the assembly of most iPhones and iPads. In the last quarter, the company made a net profit of 30.9 billion Taiwanese dollars, converted to around 920 million euro. Analysts had counted on 28.7 billion Taiwanese dollars in average.

Apple products account for about half the company’s turnover. It stood at nearly 1.3 trillion Taiwanese dollars in the last quarter. That was almost 7% more than a year earlier. This was mainly due to the launch of the latest iPhones earlier this year. Two of them went on sale in October. Other new models followed shortly thereafter.

Foxconn is expected to benefit even more from the latest Apple introductions in the closing quarter. Especially after comments from Apple-boss Tim Cook who said that the response to the smartphones, which are suitable for the new 5G network, has been particularly positive.

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Oliver I. Kjeldsen

Oliver I. Kjeldsen has a corporate finance and extensive expertise in company audit. He grants us amazing insights on taxation, international affairs and friendly advice on nearly any topic of interest. His email is [email protected]

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