Apple product refreshes boost Foxconn to record $3.2B profit
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.
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.
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.
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
What?! I thought Apple's suppliers were so ruthlessly squeezed that they don't make any money.
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!
On top of that, they are all losing money now because Apple's sales are way, way down.
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.
"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.
Quote:
Originally Posted by Wovel
On top of that, they are all losing money now because Apple's sales are way, way down.
Foxconn is doomed.
AAPL was down etc etc
/s
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.
Stop being racist. They don't all look alike. Factories, that is.
The original article lists NT$32 billion which does come out to USD$1.2 billion.
Quote:
Originally Posted by jungmark
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.
I don't think he speaks Wovelese, that's all.
Quote:
Originally Posted by jungmark
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.