Foxconn December Quarter Profits Exceed Expectations

Foxconn December Quarter Profits Exceed Expectations

Primary Apple assembly partner Foxconn (Hon Hai), posted a net income of $2.5 billion for the December quarter, partially on the back of strong sales of Apple’s iPhone X.

Foxconn Profits Exceed Expectations on Back of Strong iPhone X Orders

Bloomberg reports the figure easily exceeded the expected $2 billion figure that analysts had expected. Foxconn’s income is majorly dependent on Apple. The assembly partner is believed to generate over half of its revenue from Apple products, especially the iPhone. (Foxconn doesn’t break down its financial results by company or product.)

Although iPhone sales likely contributed to the better than expected numbers, Hon Hai’s sales of Sharp shares also contributed to the good numbers.

Analysts point to Hon Hai’s December sale of 352.5 billion yen ($3.1 billion) of Sharp shares to ES Platform LP, a partnership formed by company employees, as the main reason for the iPhone maker’s better-than-expected results.

While there have been numerous reports over the last few month indicating the iPhone X’s high price had been scaring customers away, causing them to settle for cheaper iPhones or (::GASP!::) Android handsets, Apple CEO Tim Cook has said iPhone X sales were strong during the holiday season.

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