Despite two consecutive months of declines, Apple Inc. (NASDAQ: AAPL) supplier Foxconn reported a high year-over-year increase in second-quarter revenue, as pandemic-induced demand for work-and-learn from home devices remains strong despite global semiconductor supply problems.
What Happened: In the second quarter, Hon Hai Precision Industry Co. (OTC: HNHPF), also known as Foxconn, reported revenue of $48.7 billion, up 20% from the previous quarter. In May, the corporation recorded $16.38 billion in revenue and $14.39 billion in June.
Why Does It Matter? In May, the Taiwanese iPhone maker warned that the current chip problem might intensify in the second quarter, resulting in a 10% drop in revenue.
See also: After a Q1 profit beat, Apple supplier Foxconn’s May revenue drops amid rising COVID-19 cases in Taiwan.
Demand from Apple and other businesses, on the other hand, has remained strong, and consumers are still eager to work and learn from home.
The company’s first-quarter profit exceeded expectations, because to the COVID-19 pandemic’s extended work-from-home boom.
On Friday, Foxconn shares fell 0.62 percent to $8.05, a decrease of 0.62 percent.
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