“Foxconn International Holdings Ltd, the world’s biggest contract manufacturer of cellphones, swung to a net profit in 2011 as key clients such as Nokia Oyj and Huawei Technologies Co Ltd HWT.UL shifted to higher-end smartphones,” Lee Chyen Yee reports for Reuters.
“Foxconn International, whose Taiwanese parent Foxconn Technology Group assembles Apple Inc’s (AAPL.O) iPads and iPhones, is expected to benefit as its top customers shift away from low-end feature phones,” Yee reports. “The company, which assembles handsets for Motorola Mobility Holdings Inc (MMI.N) and Sony Corp (6758.T), on Thursday posted a net profit of $72.84 million, ahead of the consensus of analysts’ forecasts of $27.59 million according to Thomson Reuters I/B/E/S.”
Yee reports, “Foxconn International had a total of 98,868 employees at the end of 2011, down about 22 percent from 126,687 a year ago.”
Read more in the full article here.
That works out to about $.07 per tear shed by each of the exploited Foxconn line workers. And I thought unicorn tears were valuable!
Yes, I’m kidding.
“swung to a net profit in 2011”
Implying that they have been unprofitable to date?
If so, how were they staying in busienss?