Apple’s largest iPhone assembler, Foxconn has reported April 2024 revenue that was nearly one-fifth higher than the same month in 2023, thanks in part to diversification and better-than-expected demand for the iPhone.
March 2024 saw Foxconn’s parent company Hon Hai Precision Industry Co report a 10% drop in revenue during the first quarter of 2024, mostly due to decreasing demand for the iPhone. Now, in a period that is traditionally a transition period between old models and upcoming models, the company is reporting record-high revenue for April.
Bloomberg (via AppleInsider) reports the company says it earned 19% more year-over-year, with monthly sales for April 2024 totaling $15.8 billion, compared to $13.3 billion in the year-ago quarter. Apple accounts for over 50% of Foxconn’s revenues.
April traditionally marks the ramp-up of production for the next season’s iPhone lineup. Foxconn’s earnings report some on the tail of much better than expected iPhone sales in China for the quarter.
Foxconn’s revenue increase for the quarter is also due to the company’s diversification of business, although not all of its efforts have been successful. Foxconn in July pulled out of a joint processor venture in India. However, it later made a $1 billion investment in other types of expansion in the country.
Foconn’s diversification efforts have included the expansion of its facilities in India and Vietnam, meaning the company has shut down Chinese factories. Foxconn is reportedly building server racks for use in AI data center farms.
