iPhone X less of a help to Foxconn in April earnings

The world’s largest contract electronics assembler reported better-than-expected earnings for the month of April, but it might not have so much to do with the world’s largest company.

Taiwan-based Foxconn logged revenue of NT$344 million, up 6.6 percent on last year. In the first quarter, the company had suffered declines more dramatic than the seasonal average. Reports of reduced iPhone X production led investors to believe that sales of that model would plummet this winter, though Apple CEO Tim Cook has said that the iPhone X outsold all other models every week since its launch.

Industry sources, though, tell Digitimes that the main support for this month’s earnings is from orders for non-consumer items and computing products. While this does not exclude Apple from potential business with Foxconn, it does pretty much count out the iPhone X for contributing anything to income.

The company, known formally as Hon Hai Precision Industry Co.,  reported a 14.5 percent slump in first quarter net profits to NT$24.1 billion, well below street expectations.

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About The Author
Jules Wang
Jules Wang is News Editor for Pocketnow and one of the hosts of the Pocketnow Weekly Podcast. He came onto the team in 2014 as an intern editing and producing videos and the podcast while he was studying journalism at Emerson College. He graduated the year after and entered into his current position at Pocketnow, full-time.