Main iPhone assembler Hon Hai Precision Industry Co. (Foxconn) reported higher-than-expected quarterly revenue thanks to robust demand for Apple’s new 5G-equipped iPhone 12 family. Foxconn is the exclusive assembler of Apple’s iPhone 12 Pro and flagship iPhone 12 Pro Max.
The Taiwanese company’s sales in December totaled NT$713.8 billion ($25.5 billion). Revenue in the quarter reached a record NT$2 trillion, according to Bloomberg News’s calculations based on previously released monthly sales figures, beating the average estimate of NT$1.8 trillion.
The strong showing from Apple’s most important production partner suggest demand for the U.S. giant’s latest devices may have surpassed initial expectations.
Wall Street has grown increasingly bullish on Apple’s prospects in the coming year with analysts projecting that a recovering economy will fuel even more demand for iPhones, wearables such as Airpods and services. Wedbush analyst Daniel Ives wrote Asia supply-chain checks “have now exceeded even our ‘bull case scenario’ for units in FY21 given the current trajectory, a major positive for shares over the coming months.”
MacDailyNews Take: Apple’s Q1 2021 revenue, due at the end of this month, could approach (dare we say, exceed?) $100 billion, breaking the company’s current record quarterly revenue mark of $91.8 billion set in Q1 2020.