Apple Supplier Foxconn Sees 20% Surge In Q2 Revenue

Benzinga2021-07-06

Apple Inc (NASDAQ:AAPL) supplier Foxconn reported a sharp year-over-year rise in second-quarter revenue despite two back-to-back months of decline as the pandemic induced demand for work-and-learn from home devices remains robust amid supply global semiconductor shortages.

What Happened: Hon Hai Precision Industry Co. (OTC:HNHPF), popularly known as Foxconn, reported a revenue of $48.7 billion, a jump of 20%, in Q2. The company reported a revenue of $16.38 billion in May and $14.39 billion in June.

Why It Matters: The Taiwan-based iPhone maker had in May warned the ongoing chip crisis could worsen in the second quarter with a business impact of 10%.

However, demand from Apple and other clients has remained robust and consumers continue to lap up work- and learn-from-home opportunities.

The company’s first-quarter profit beat estimates, helped by an extended work-from-home boom spurred by the COVID-19 pandemic.

Price Action: Foxconn shares closed 0.62% lower at $8.05 on Friday.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

InvisibleP
2021-07-06
InvisibleP
Too late to buy?
skylander
2021-07-06
skylander
Wow...this is good!
WLtan
2021-07-06
WLtan
Great
FlyToMoon
2021-07-06
FlyToMoon
Nice
SheperdBoy
2021-07-06
SheperdBoy
More demand, more supply= price increase?
imsomeonelse
2021-07-06
imsomeonelse
Wow

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