Workers in a Foxconn factory
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.
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.
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.
