Foxconn reports second quarter revenue of $48.7B, up 20% year-over-year

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Foxconn's revenues in the second quarter of 2021 were up 20% year-over-year because of continued elevated demand of the iPhone and other consumer devices.

According to Bloomberg, Hon Hai Precision Industry Co, which trades as Foxconn, reported quarterly revenue of $48.7 billion in the three months through June 2021.

The 20% increase in the second quarter follows another quarterly jump in the first. In the first quarter of 2021, Foxconn reported earnings of $47 billion, up 44% year-over-year.

However, Foxconn's surge in 2021 comes a year after a severe profit drop because of the coronavirus pandemic.

The recovery suggests that demand for products that enable at-home work, education, and entertainment remains strong even as health restrictions ease and vaccination rates climb in many parts of the world. In addition to consumer spending on iPhones and other devices, enterprise business customers are also expanding data center infrastructure.

Foxconn is currently seeing issues with chip component supply, something that the company has said could impact its revenues into 2022.

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