leadf
logo-loader
viewProactive Group

Foxconn Electronics shows robust sales in the face of diminished demand for iPhoneX

Demand for the premium iPhone model was lower than expected, but sales of the iPhone 8 Plus helped to push sales figures higher

Picture of an iPhone
Apple is Foxconn's biggest client

Foxconn Electronics (TPE:2317), the Taiwanese supplier of iPhone parts for Apple Inc. (BASDAQ:AAPL), did quite well in March, reporting consolidated revenues of US$11.95bln, which is up 26% from February and 2.2% from March of 2017, local trade publication DigiTimes reported.

While demand for the iPhone X was lower than had been expected, sales of the iPhone 8 Plus -- which hit the market with the iPhoneX and is also put together by Foxconn, which is also known as Hon Hai Precision Industry Company -- still reported robust sales, which pushed up revenues.

Foxconn’s computing devices fared best in March and it was followed closely by the group’s communications products and consumer electronics, according to published reports from Taiwan. In the first quarter until the close of March, Foxconn reported $1.03trln in New Taiwan dollars or roughly US$35.27bln in consolidated sales, up 5.22% from the year-ago quarter.

Apple is Foxconn’s biggest client, but the group also makes electronic products for a number of companies. Some of its products include BlackBerry (NASDAQ:BBRY), Kindle by Amazon.com Inc. (NASDAQ:AMZN), and Nokia (NYSE:NOK) devices, as well as Sony's (NYSE:SNE) PlayStations 3 and 4.

In the fourth quarter of last year, Foxconn again proved its ability to bounce back from production problems related to the iPhone X by posting a fourth-quarter profit of NT$71.7bln or US$2.5bln, up from NT$68.8bln in the fourth quarter of 2016.

Shares in Hon Hai Precision Industry held steady at NT$87.30 on the Taiwan stock exchange.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Ascendant Resources drill program continues looking to expand south zone at...

Ascendant Resources (TSE: AND) President and CEO Chris Buncic joined Steve Darling from Proactive with news the company's drill program continues as the look at the South Zone of the Lagoa Salgada Project in Portugal. Buncic telling Proactive they are expecting to have results from this...

22 minutes ago

2 min read