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Foxconn Revenues Up 44% on iPhone 12 Demand Due to Users Working From Home

Foxconn Revenues Up 44% on iPhone 12 Demand Due to Users Working From Home

Foxconn parent company Hon Hai reports that it earned $47 billion in the first quarter of 2021, up 44% from last year. The increase in revenue is said to be due to demand from home workers buying the iPhone 12 range.

Bloomberg┬áreports that the growth described in the Taiwanese manufacturer’s latest earnings report is due to the demand for Apple’s 5G handsets, and the huge increase in working from home caused by the coronavirus.

It should be noted that this time last year, Foxconn reported a severe drop in profits because of COVID-related issues. This latest quarter saw Foxconn earning $47 billion. Its March sales were approximately $15.43 billion.

Shares in parent company Hon Hai gained 57% over the last two quarters, based chiefly on the firm’s plans for the electric vehicle market.

In a separate news report, Hon Hai has also warned of component shortages lasting into 2022, which could affect up to 10% of its shipments.

(Via AppleInsider)