Foxconn revenues up 44% on iPhone demand, working from home

Hon Hai Precision Industries owns Foxconn

Foxconn parent company Hon Hai earned $47 billion in the first quarter of 2021, up 44% from last year, reportedly on demand from home workers buying iPhone 12 models.

Following its January sales record based on demand for the iPhone 12 range, Foxconn's parent company Hon Hai Precision Industry, has seen 44% growth since the same time last year.

According to Bloomberg, the growth described in the Taiwanese manufacturer's latest earnings report, is down to demand for Apple's 5G devices, and working from home caused by the coronavirus.

The 44% rise does come one year after Foxconn reported a severe profit drop because of COVID-related issues. However, this latest quarter saw it earning $47 billion. Its March sales alone were approximately $15.43 billion.

Bloomberg reports that shares in parent company Hon Hai have gained 57% in the last two quarters, based chiefly on the firm's plans for the electric vehicle market.

Separately, Hon Hai has also warned of component shortages lasting into 2022, which could affect up to 10% of its shipments. The warning is in line with recent reports from processor foundries, including Foxconn.

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