Foxconn boosts 44% in revenue due to high-demand created by iPhone 12

Foxconn, the primary manufacturer, has reported that a $47 billion increase in revenue in the first quarter of 2021, up 44% last year due to the high demand from home workers buying iPhone 12 models.

According to Foxconn, the significant rise came one year after a severe profit drop because of the ongoing Covid-19 pandemic. But, in the last quarter the Taiwan-based company earning $47 billion. The sales generated from the month of March were almost $15.43 billion.

Apple iphone 12 Foxconn

Apple primary manufacturer, Foxconn, sees a 44% rise in revenue due to high demand for iPhone 12

The publication from Bloomberg suggests that the parent company Hon Hai’s shares have increased by 57% in the last two quarters, based on the firm’s plans for the electric vehicle market.

iPhone assembler Hon Hai Precision Industry Co.’s [aka Foxconn] first-quarter revenue jumped 44% on robust demand for Apple Inc.’s new 5G devices and other gadgets that help consumers stay connected at home during the pandemic.

Revenue in the three months through March rose to NT$1.34 trillion ($47 billion), the Taiwanese manufacturer reported Tuesday, in line with the average analyst estimate. Sales in March climbed to NT$441.2 billion.

Hon Hai has also warned various processor foundries about the component shortage that will come till 2022, affecting up to 10% of shipments. Last month, the chairman of Foxconn said that he expected his company its clients will face only “limited impact” from a chip shortage that has rattled the global automotive and semiconductor industries.

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.

The chairman, Young Liu, also said that the Taiwan-based processor foundry is monitoring component shortages that are expected to persist in 2022. Shares in Foxconn have seen a rise of more than 20% this year. Taiwan’s January export orders took a boost of 49.3% from a year earlier to $52.72 billion.

iPhone 12

The government of Taiwan reviewed the numbers generating from the last few quarters and revised up its outlook for 2021, predicting that the economy will grow at its peak in seven years seeing GDP expand 4.64% in exports driven by high tech demand.

Read More:

About the Author

Usman has been playing games for as long as he can remember. He is an editor at iThinkDifferent and writes about games, Apple news, hardware, productivity guides, and more. When not writing for iTD, Usman loves to play competitive Team Fortress 2, spends time honing his football skills, and watches superhero movies.