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.