Apple brand channels hefty profits to iThing maker Foxconn
Wow, that dog has a big tail
Foxconn Technology, manufacturing buddy of Apple, received a nice boost to its profits courtesy of the continued popularity of iDevices.
The mega electronic components manufacturer, also known as Hon Hai Precision, reckons its improved productivity and better device lineup gave its earnings a lift as well as bringing some money in to offset its losses on a planned investment in Sharp.
A Foxconn exec said earlier this month that productivity on the new, complex and easily scuffed iPhone was improving every day. In the meantime, keeping supply low isn't doing any harm to demand for the shiny Jesus-mobe.
The company told the Taiwan Stock Exchange that net profit came in at 30.25bn Taiwanese dollars ($1.03bn, £642.7m) in the third quarter, up 58 per cent from the same quarter last year. Foxconn has bagged NT$57.8bn ($1.98bn; £1.23bn) in net profit for the first nine months of the year and revenue of NT$2.23trn ($76.3bn, £47.4bn), up 21 per cent from last year.
Foxconn doesn't like to let on just how big a customer its biggest customer is, but analysts reckon around 40 per cent of the manufacturer's revenue comes from Apple. The fruity firm reported revenue of $36bn for the quarter ending on 30 September and is expecting revenue over the holiday quarter to reach $52bn. ®