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A Rising Tide: Strong Sales of the iPhone Boosts Foxconn’s Profits by 41%

A Rising Tide: Strong Sales of the iPhone Boosts Foxconn’s Profits by 41%

It’s true, a rising tide raises all ships, as Apple manufacturing partner Foxconn reported net profits were up 41% in the company’s second quarter, boosted by… Wait for it… Stronger than expected sales of the existing iPhone lineup.

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AppleInsider:

Net profit for the quarter was 16.98 billion New Taiwan dollars, or $566.7 million U.S. That was up from $12.06 billion New Taiwan dollars in the June quarter of 2012.

The Wall Street Journal estimates that Apple is responsible for more than 40% of the revenue flowing into Hon Hai Precision Industry Co., better known as Foxconn.

Foxconn’s results in the June quarter benefited greatly by Apple’s own quarter, in which it shipped a record 31.2 million iPhones, a number much higher than many analysts were expecting.

Demand is set to explode once again this fall, with the expected introduction of the “iPhone 5S” flagship device, the “iPhone 5C” budget handset, and new models of the Apple iPad and iPad mini tablets.

Foxconn is reportedly gearing up and hiring additional personnel in anticipation of increased production of Apple products this fall.

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