Foxconn Profits Jump 41% Thanks to Strong iPhone Sales
Hon Hai Precision Industry Company, also known as Foxconn -- Apple's primary iPhone and iPad assembler has experienced a 41% jump in second quarter profits thanks to strong iPhone sales, reports The Wall Street Journal.
According to the report, Foxconn earns more than 40% of its revenue from Apple, and the assembler saw a net profit of NT$16.98 billion (USD $566.7 Million) in the second quarter of 2013 -- a jump from the NT$12.06 billion (USD $402 million) from the same quarter in 2012.
Hon Hai Precision Industry Co., assembler of Apple Inc.’s iPhones and iPads, posted a 41% rise in second-quarter net profit, helped by strong iPhone sales.
But the profit jump is unlikely to soothe concerns that the company, which earns more than 40% of its revenue from Apple, faces challenging times ahead as Apple’s growth momentum slows.
Foxconn could even say great profits in the next quarter as Apple is on the verge of releasing the new products like the iPhone 5S and next generation iPad and iPad Mini. The iPhone 5S is expected to be released in September while the iPads should be out later this year.