Apple product refreshes boost Foxconn to record $3.2B profit

Posted:
in General Discussion edited January 2014
Driven by the launch of the iPhone 5 and three different iPad models in 2012, Foxconn saw a record $3.2 billion in net income.

Hon Hai Precision Industry Co., better known by its trade name Foxconn, announced on Monday that its profit also climbed to a record $3.9 trillion in New Taiwan dollars. Foxconn's gains are attributed to Apple launching four products in particular: the iPhone 5, third- and fourth-generation iPads, and the iPad mini.

Foxconn


Like Foxconn, Apple also had record year in 2012, earning more than $40 billion in fiscal profits.

Foxconn is responsible for the assembly of a majority of Apple's products, including the iPhone and iPad. Apple occasionally partners with other assembly companies such as Pegatron, but for years Foxconn has handled the lion's share of the company's assembly duties.

Foxconn announced earlier this month that it will add 5,000 new jobs, marking the largest hiring surge of its kind for the company in recent years. The workers will head into automated production, e-commerce, and robots.

But Apple's partnership with Foxconn has also placed the iPhone maker under fire from critics who believe wages are too low and conditions are too unsafe at Chinese manufacturing plants.

Apple has responded to those critics by placing pressure on Foxconn to improve working conditions. Foxconn is said to have recently instituted a number of "wide-ranging reforms," including reducing workers' hours and significantly boosting wages.

Comments

  • Reply 1 of 20
    arlorarlor Posts: 485member


    What?! I thought Apple's suppliers were so ruthlessly squeezed that they don't make any money.

  • Reply 2 of 20
    gtrgtr Posts: 3,231member
    God damn.

    There's that same image that gets used for almost each and every Foxconn story.

    Isn't that girl in front due for a break yet!
  • Reply 3 of 20
    $1 USD = $30 NTD (Taiwanese Dollar)
  • Reply 4 of 20
    wovelwovel Posts: 956member
    arlor wrote: »
    What?! I thought Apple's suppliers were so ruthlessly squeezed that they don't make any money.

    On top of that, they are all losing money now because Apple's sales are way, way down.
  • Reply 5 of 20
    jragostajragosta Posts: 10,473member
    $1 USD = $30 NTD (Taiwanese Dollar)

    So, based on "profit also climbed to a record $3.9 trillion in New Taiwan dollars. ", its profit is $130 billion? I don't think so. Looks like AI needs to learn the difference between revenue and profit.
  • Reply 6 of 20
    zoffdinozoffdino Posts: 192member
    "Foxconn saw a record $3.2 billion in net income"

    "Foxconn, announced ... its profit also climbed to a record $3.9 trillion in New Taiwan dollars"

    Can the author care to explain which amount is in which currency? $3.2B New Taiwanese Dollar (TWD, which is not that new--it's been in used since 2000) is about $130M USD, while $3.9 trillion TWD is about $130B USD, more than Apple earns in a year.

    The journalistic quality on AI has been pretty bad recently.
  • Reply 7 of 20
    johnmcjohnmc Posts: 1member
    wovel wrote: »
    On top of that, they are all losing money now because Apple's sales are way, way down.
    You're way way down trolls
  • Reply 8 of 20
    I live in taiwan,Foxconn's revenue is about $3.9trillion TWD,and it's net income(profit) is about $3.2billion USD($94.6 billion NTW),Foxconn is a great company in Taiwan stock market,it's net income growth every year
  • Reply 9 of 20
    matrix07matrix07 Posts: 1,993member

    Quote:

    Originally Posted by Wovel View Post





    On top of that, they are all losing money now because Apple's sales are way, way down.


    Foxconn is doomed. 

  • Reply 10 of 20
    512ke512ke Posts: 781member
    Analysts pointed out that Foxconn might make less profit at some point in the future.

    AAPL was down etc etc
  • Reply 11 of 20
    512ke wrote: »
    Analysts pointed out that Foxconn might make less profit at some point in the future.

    AAPL was down etc etc
    Foxconn won't down,about six years ago Foxconn's clients are Nokia.motorola.dell.sony.....,its clients may fall,but Foxconn won't down
  • Reply 12 of 20
    Isn't it interesting that everyone turns to apple as being a source of problems at foxconns low pay? Why is that apples problem? After all Foxconn generates income form other companies & makes a ton of profits! Blame Foxconn not apple!
  • Reply 13 of 20
    jungmarkjungmark Posts: 6,634member
    I thought Apple sales are down and they cut component orders! Why don't the facts back up the "Apple is doomed" meme!

    /s
  • Reply 14 of 20
    wovelwovel Posts: 956member
    johnmc wrote: »
    wovel wrote: »
    On top of that, they are all losing money now because Apple's sales are way, way down.
    You're way way down trolls

    Your first post on this site is calling me a Troll? Really? There was nothing remotely trolly about my post. Very odd choice to start posting about.
  • Reply 15 of 20
    solipsismxsolipsismx Posts: 19,566member
    gtr wrote: »
    God damn.

    There's that same image that gets used for almost each and every Foxconn story.

    Isn't that girl in front due for a break yet!

    Stop being racist. They don't all look alike. Factories, that is.
  • Reply 16 of 20
    solipsismxsolipsismx Posts: 19,566member
    zoffdino wrote: »
    "Foxconn saw a record $3.2 billion in net income"

    "Foxconn, announced ... its profit also climbed to a record $3.9 trillion in New Taiwan dollars"

    Can the author care to explain which amount is in which currency? $3.2B New Taiwanese Dollar (TWD, which is not that new--it's been in used since 2000) is about $130M USD, while $3.9 trillion TWD is about $130B USD, more than Apple earns in a year.

    The journalistic quality on AI has been pretty bad recently.

    The original article lists NT$32 billion which does come out to USD$1.2 billion.


    1000
  • Reply 17 of 20

    Quote:

    Originally Posted by jungmark View Post



    I thought Apple sales are down and they cut component orders! Why don't the facts back up the "Apple is doomed" meme!



    /s




    I know right? Last week it was all about how Apple will have it's first negative growth quarter this year... sure.image

  • Reply 18 of 20
    lightknightlightknight Posts: 2,312member
    Good to know that Foxconn, due to Apple pressure, is increasing workers wage. We'll all benefit from richer chinese workers!
  • Reply 19 of 20
    flaneurflaneur Posts: 4,495member
    wovel wrote: »
    Your first post on this site is calling me a Troll? Really? There was nothing remotely trolly about my post. Very odd choice to start posting about.

    I don't think he speaks Wovelese, that's all.
  • Reply 20 of 20
    joshajosha Posts: 901member

    Quote:

    Originally Posted by jungmark View Post



    I thought Apple sales are down and they cut component orders! Why don't the facts back up the "Apple is doomed" meme!


    Because the market trader "facts" are mostly games being played by the traders, think hedge funds,


     who want market prices to bounce around to their peasure.

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