Huge demand for iPhone 12 has made Foxconn rich

Hon Hai, the parent company of Foxconn, generated $ 47 billion in revenue in the first quarter of 2021. Compared to the same period a year earlier, the growth was 44%.

Foxconn is a key Apple partner that manufactures smartphones, tablets and other electronics for the Cupertino-based company. Analysts point out that such a surge in financial performance is due to strong demand for the iPhone 12, which was the first device from the company with support for fifth-generation networks.

Exactly a year ago, Foxconn reported a significant decline in revenue in the early stages of the pandemic. However, over the past year, the manufacturer has gradually strengthened its position. The company received more than $ 15 billion in March this year alone.

The financial report also said revenues at Foxconn’s parent company, Hon Hai, rose 57% over the past two quarters. This growth is also due to the company’s new plans for the production of electric vehicles.

In addition, Hon Hai also warned of component shortages that could last until 2022. The deficit may affect its supply, but the drop should not exceed 10%.

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