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).

chinafoxconn
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.

Tag: Foxconn

Popular Stories

iPhone 17 Pro 34ths Perspective

iPhone 17 Pro Launching Later This Year With These 10 New Features

Sunday March 23, 2025 10:00 am PDT by
While the iPhone 17 Pro and iPhone 17 Pro Max are not expected to launch until September, there are already plenty of rumors about the devices. Below, we recap key changes rumored for the iPhone 17 Pro models as of March 2025: Aluminum frame: iPhone 17 Pro models are rumored to have an aluminum frame, whereas the iPhone 15 Pro and iPhone 16 Pro models have a titanium frame, and the iPhone ...
maxresdefault

Apple Releases iOS 18.4 With Priority Notifications, Ambient Music, New Emoji and More

Monday March 31, 2025 10:03 am PDT by
Apple today released iOS 18.4 and iPadOS 18.4, the fourth major updates to the iOS 18 and iPadOS 18 operating system updates that came out last year. iOS 18.4 and iPadOS 18.4 come two months after Apple released iOS 18.3 and iPadOS 18.3. Subscribe to the MacRumors YouTube channel for more videos. The new software can be downloaded on eligible iPhones and iPads over-the-air by going to...
top stories 2025 03 29

Top Stories: WWDC 2025 Announced, iPhone 17 Pro and iOS 19 Rumors, and More

Saturday March 29, 2025 6:00 am PDT by
Apple's big developer event is a little over two months away, and rumors about what we can expect to see in Apple's next major operating system updates are becoming increasingly frequent. A public release of iOS 18.4 is also imminent with a number of updates and improvements, although we won't be getting the major Apple Intelligence Siri upgrades that had reportedly been planned for this...
Magic Mouse Green

What to Expect From the Magic Mouse 3

Saturday March 29, 2025 10:15 am PDT by
Apple is reportedly working on a new Magic Mouse. Below, we recap what to expect. The two key rumors for the Magic Mouse 3 so far include a relocated charging port, along with a more ergonomic design. It was briefly rumored that the Magic Mouse 3 would also feature voice control, but that was misinterpreted information. Relocated Charging Port While the Magic Mouse switched from...
iOS 18

iOS 18.4 Expected Next Week - Here Are the Release Notes

Friday March 28, 2025 2:01 pm PDT by
With the second release candidate of iOS 18.4 that Apple seeded out today, the company finally provided us with release notes that give a full rundown on what to expect. There's an Apple Vision Pro app, new Apple Intelligence features for notifications and additional language support, plus an Apple News Food feature for Apple News+ subscribers, and several updates that should improve the...
Foldable iPhone 2023 Feature Homescreen

Six Things to Know About Apple's Upcoming Foldable iPhone

Friday March 28, 2025 3:54 pm PDT by
We've been hearing rumors about a foldable iPhone for almost a decade now, but it looks like we might finally see the device come to fruition in 2026. We're going to be waiting many more months for the foldable iPhone, but so far we're hearing good things. Apple wants to make it creaseless. It's taken Apple multiple years to design a foldable iPhone that it's satisfied with because Apple ...
iOS 19 visionOS UI Elements

Apple Codename Provides Clue About iOS 19's Rumored New Design

Sunday March 30, 2025 6:40 am PDT by
Multiple sources have claimed that iOS 19 will introduce a new design with more translucent buttons, menus, notification banners, and more, and there is now another clue that points towards this glass-like appearance. Bloomberg's Mark Gurman today said the new design project is codenamed "Solarium" internally. A solarium is a room with glass walls that allow in plenty of sunlight, so this...
macOS Sequoia Feature

Apple Releases macOS Sequoia 15.4 With Mail Categorization and More

Monday March 31, 2025 10:04 am PDT by
Apple today released macOS Sequoia 15.4, the fourth major update to the macOS Sequoia operating system that launched in September. macOS Sequoia 15.4 comes two months after the launch of macOS Sequoia 15.3. Mac users can download the ‌‌macOS Sequoia‌‌ update through the Software Update section of System Settings. It is available for free on all Macs able to run macOS 15. With...

Top Rated Comments

Aluminum213 Avatar
61 months ago
Thank god! I was worried about Tim Cook’s financial well-being
Score: 5 Votes (Like | Disagree)
jaspreet1094 Avatar
61 months ago
$778.54 Million* not Billion.
Score: 3 Votes (Like | Disagree)
PigsOnTheWing Avatar
61 months ago
Apple's the most valuable company in the world, with a $1.87T market cap, but these guys are pocketing $.77T in a quarter? Something doesn't quite add up there, MacRumors. ?
Score: 2 Votes (Like | Disagree)
PigsOnTheWing Avatar
61 months ago

That's gotta be it.

Or $778.54 billion in Taiwanese currency which is $26,465,015.16 US.
if you read the linked Reuters story, it clearly states "a net profit of T$22.9 billion ($778.54 million) for the second quarter ended June." I have no idea where the MacRumors author got all of those extra zeros from.

Score: 2 Votes (Like | Disagree)
jayducharme Avatar
61 months ago
Nearly $1 trillion in PROFIT!? Holy moly!
Score: 1 Votes (Like | Disagree)