Foxconn's Chairman stated during a Financial Conference today that demand for Apple's iPhone 12 was Stronger than Expected
Earlier today in Taiwan Apple supplier Foxconn forecasted strong demand for the new iPhone 12 in the holiday quarter during their financial conference call. Foxconn also stressed that it would continue investing in the United States as scheduled and is looking at making new products there, contrary to criticisms made against the company over the past two years.
Foxconn, formally Hon Hai Precision Industry Co Ltd, reported near flat third-quarter profit on Thursday, beating market estimates amid firm demand for telecommuting devices amid a coronavirus-induced work-from-home trend.
Still, Liu said Foxconn saw "stronger than expected" demand for both smartphones and servers, with strong shipments of Apple’s new iPhone 12 supporting revenue.
Foxconn expects consumer electronic product revenue to rise about 10% in the fourth quarter, as well as next year.
Analysts and Liu expect this trend to continue in the coming months. Foxconn is likely to assemble all premium models and 70% of other models.
Consumer electronics, including smartphones, made up 41% of revenue in the third quarter, followed by devices for cloud computing at 28% and other computing products such as laptops at 24%.
Chairman Liu Young-way also noted during the conference that "We continue to push forward in Wisconsin as planned, but the product has to be in line with the market demand. The Chairman clarified that its investment plan did not depend on which party was in the White House. For more read the full Reuters report.