Apple manufacturer Foxconn’s first quarter revenue soared by 44%, Bloomberg reports. The publication pins the increased cashflow on “robust demand” for the iPhone 12.
Revenue for the first three months of 2021 increased to $47 billion, Foxconn reported Tuesday. In addition to the massive success of the latest iPhones, the high earnings also reflect demand for devices like video games consoles, servers, electric vehicles as well.
This is a far cry from last year when COVID-19 was rocking the Apple supply chain. Foxconn, as one of Apple’s biggest manufacturers, was among the companies affected. The company had to temporarily close one iPhone-critical site. The impact of coronavirus on the supply chain had a big impact on Foxconn’s 2020 earnings.
The latest earnings report from Foxconn is another reminder of what a big hit the iPhone 12 has been for Apple. This has been Apple’s biggest new iPhone in years. Previous research firm Flurry Analytics has said the iPhone 12 enjoyed a stronger launch than any iPhone in the past three years. The iPhone also supposedly made up nine of the top 10 handsets activated on Christmas Day in the U.S. It could wind up being Apple’s top-selling iPhone series of all time, even outperforming the 2014-era iPhone 6.
Foxconn also noted in its report that component shortages will last into 2022. Bloomberg notes that this amplifies “concerns that a global chip crunch could extend well beyond this year.”
According to some recent reports, Foxconn could possibly be in the running to help build a possible Apple Car.