Foxconn’s First Quarter Is Down 19% Due Weak iPhone Sales
Hon Hai Precision Industry Co Ltd, the parent company of Foxconn, has posted a 19% decline in revenues for the first quarter compared to one year earlier. Foxconn is the primary manufacturer of iPad and iPhone devices. The drop in sales is due to weak iPhone sales.
Between January and March, Hon Hai’s sales were T$808.97 billion ($26.96 billion), which is down from T$988.34 billion for Q4 and T$1 trillion in Q1 last year.
Hon Hai sees around 60-70% of their revenue from building Apple iPhones and iPads along with other Apple-related devices, according to Reuters.
Late last year, Foxconn invested $200 million in GoPro. The company also reported that they will be setting up plants in the U.S. When Foxconn was assembling the Apple iPhone 5, it was considered most difficult device Foxconn ever assembled.