Life is good if you’re Apple’s biggest contract manufacturer! Foxconn, a.k.a. Hon Hai Precision Industry, has reported its highest-ever August sales in the company’s 45-year history.
Foxconn sales hit $12.76 billion for August. That’s up 0.2% from one month earlier. This is the sixth consecutive month in which Foxconn has registered month-on-month increases. While it can’t necessarily all be chalked up to Cupertino, Apple represents more than 40% of Foxconn’s total sales.
According to Reuters, the majority of Apple suppliers have become increasingly concentrated in China. Although Apple uses small factories outside the country, these are typically used only for small domestic runs.
Frequent Apple contract manufacturer Foxconn recruited kids as young as 16 to work on its production lines, leaked documents show. The company reportedly pushed the teenagers to work nights and overtime as part of the job.
On this occasion, however, Apple isn’t the company under fire. The recruits (classed as “interns”) were working on the Amazon production line. They were building devices like the Echo smart speakers.
It’s not just Apple which relies on, well, Apple to make money. There’s a whole ecosystem of other companies orbiting the giant Cupertino sun, too. And they’re all affected by whatever news raises or lowers Apple’s share price.
That’s what took place this week when Wall Street’s latest wobble about Apple sent out shockwaves through the supply chain. As a result, a whole lot of companies which do business with Apple suffered their own sympathy stock declines.
Apple warned U.S. trade representatives this week that President Donald Trump’s plan to impose more tariffs on Chinese goods will negatively impact its contributions to the U.S. economy.
In a letter written to U.S. trade representative Robert Lighthizer, Apple urged the government not to impose tariffs. The new set of tariffs would make Apple’s products more expensive and give Apple’s competitors an advantage.