Apple Supplier Foxconn Reports Better-Than-Expected Second Quarter Profit
Major Apple supplier Foxconn reported better-than-expected quarterly profit on Wednesday, overcoming slowing smartphone sales thanks to rising telecommuting demand amid the global health crisis (via Reuters).
The iPhone manufacturer posted net profit of $778.54 million for the second quarter ended June, almost $5 billion more than a consensus estimate from analysts, and up around 34 percent from a year earlier.
The results reflect a huge turnaround for the Taiwanese electronics manufacturer, following a near 90 percent drop in first-quarter profit at the beginning of this year.
Foxconn slashed its 2020 revenue outlook in March after strict quarantines were enforced at its China plants for a period in February, at the height of the crisis, which has now largely resolved in the country. Foxconn said at the time it believed the worst was over, and the company would stabilize in the second quarter.
Apple's new smartphone lineup is expected to arrive in the fall, and Foxconn firm has already begun its seasonal hiring spree to assist with iPhone 12 production.
More than 70 percent of the new iPhones could be assembled by Foxconn, according to Taipei-based KGI Securities. Analysts expect the launch to boost Foxconn’s revenue recovery in the months to come.
Apple is widely expected to announce four iPhone 12 models this year, including a 5.4-inch model, two 6.1-inch models, and a 6.7-inch model, all with OLED displays and 5G connectivity.
Popular Stories
An iPhone 17 announcement is a dead cert for September 2025 – Apple has already sent out invites for an "Awe dropping" event on Tuesday, September 9 at the Apple Park campus in Cupertino, California. The timing follows Apple's trend of introducing new iPhone models annually in the fall.
At the event, Apple is expected to unveil its new-generation iPhone 17, an all-new ultra-thin iPhone 17...
Apple is expected to unveil the iPhone 17 series on Tuesday, September 9, and last-minute rumors about the devices continue to surface.
The latest info comes from a leaker known as Majin Bu, who has shared alleged images of Apple's Clear Case for the iPhone 17 Pro and Pro Max, or at least replicas.
Image Credit: @MajinBuOfficial
The images show three alleged changes compared to Apple's iP...
Apple will launch its new iPhone 17 series this month, and the iPhone 17 Pro models are expected to get a new design for the rear casing and the camera area. But more significant changes to the lineup are not expected until next year, when the iPhone 18 models arrive.
If you're thinking of trading in your iPhone for this year's latest, consider the following features rumored to be coming to...
Apple and Samsung have reportedly issued cease-and-desist notices to Xiaomi in India for an ad campaign that directly compares the rivals' devices to Xiaomi's products. The two companies have threatened the Chinese vendor with legal action, calling the ads "disparaging."
Ads have appeared in local print media and on social media that take pot shots at the competitors' premium offerings. One...
Apple is preparing to release iOS 18.7 for compatible iPhone models, according to evidence of the update in the MacRumors visitor logs.
We expect iOS 18.7 to be released in September, alongside iOS 26. The update will likely include fixes for security vulnerabilities, but little else.
iOS 18.7 will be one of the final updates ever released for the iPhone XS, iPhone XS Max, and iPhone XR,...
