Increase of 19 percent
Foxconn reports record sales in April
May 5, 2024, 3:52 p.m
Listen to article
This audio version was artificially generated. More info | Send feedback
iPhone sales are weakening. The company itself still makes good profits. Supplier Foxconn also benefits from this: sales of the world’s largest contract manufacturer of electronic products are higher than ever before in April.
Apple supplier Foxconn achieved higher revenues last month than ever before in April. Sales rose by 19 percent compared to the same month last year to the equivalent of around 14.7 billion euros, as the Taiwan-based group announced.
The world’s largest contract manufacturer of electronic products reported strong growth in both its smartphone division and in its business with servers that are geared towards the use of artificial intelligence. Foxconn reiterated the prospect of an increase in sales in the second quarter. In the first quarter of the year, the company had to make do with surprisingly low revenues. Foxconn shares have already gained almost 50 percent this year, while the stock market in Taiwan rose 13 percent.
Meanwhile, weak iPhone sales figures reduced US technology giant Apple’s quarterly profits at the start of the year – although less so than analysts had expected. The bottom line is that Apple posted a profit of $23.6 billion (22 billion euros) for the first three months of the year, the company announced. Apple then rose sharply on the stock market, also because the company announced an unprecedented share buyback worth 110 billion. The share then rose by more than six percent in after-hours trading – despite declining iPhone sales figures.
The technology giant’s sales totaled $90.8 billion in the first quarter, which also fell compared to the same period last year. For the first three months of 2023, Apple reported surprisingly high sales of almost $95 billion, partly due to the partial reopening of the important Chinese sales market after a phase of drastic Corona restrictions.