Huge demand for iPhone 12 has made Foxconn rich

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Last updated on December 8th, 2022 at 03:14 pm

The company received more than 15 billion dollars in March this year alone.

Hon Hai, the parent company of Foxconn, generated $ 47 billion in revenue in the first quarter of 2021. Compared to the same period a year earlier, the growth was 44%.

iPhone 12
iPhone 12

Huge demand for iPhone 12 has made Foxconn rich

Foxconn is a key Apple partner, manufacturing smartphones, tablets, and other electronics for the Cupertino-based company. Analysts point out that such a surge in financial performance is due to strong demand for the iPhone 12, which became the first device of the company with support for fifth-generation networks.

Exactly a year ago, Foxconn reported a significant drop in revenue during the early stages of the pandemic. However, over the past year, the manufacturer has gradually strengthened its position. The company received more than $ 15 billion in March this year alone.

The financial report also said revenues at Foxconn’s parent company, Hon Hai, grew 57% over the past two quarters. This growth is also due to the company’s new plans for the production of electric vehicles.

In addition, Hon Hai also warned of component shortages that could last until 2022. The deficit may affect its supply, but the drop should not exceed 10%.

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