Apple's largest iPhone manufacturer has reported almost a fifth higher revenue for April 2024 compared to the same month in 2023, in part because of diversification.
Workers in a Foxconn factory
In March 2024, Foxconn's parent company Hon Hai Precision Industry Co reported a 10% revenue drop in Q1, specifically because of slowing demand over the iPhone. Now despite coming in what it describes as traditionally a transition month between old and new products, the company is reporting a record high revenue for April 2024.
According to Bloomberg, the company says it earned 19% more year over year. Its monthly sales for April 2024 were $15.8 billion, compared to $13.3 billion in April 2023.
Apple accounts for over 50% of Foxconn's revenues and April is the start of when both companies begin ramping up toward the production of the next iPhone range. At the same time, these Foxconn earnings follow Apple's much better than expected China sales for the quarter.
Nonetheless, Foxconn has also been diversifying, although not always successfully. In July 2023, it pulled out of a joint processor venture in India, only to later invest $1 billion in other expansion in the country.
That expansion in India, and similar moves in Vietnam, mean that the company has also been closing factories in China. Foxconn is now said to be building server racks for AI datacenter farms.