Major Apple iPhone assembler Foxconn said September revenue totaled 822.3 billion new Taiwan dollars ($25.9 billion), up 40.4% year-on-year and 83.2% higher than August, a monthly sales record for the company. One analyst said Foxconn’s record revenue came on the back of “storming demand” for the higher priced iPhone 14 Pro and Pro Max models.
That massive revenue growth was driven by a “new product launch and smooth mass production” as well as strong performance of its smart consumer electronics products division, which includes its key smartphone business. Foxconn does not name its customers, including Apple, in its earnings releases.
Neil Shah, a partner at Counterpoint Research, said Foxconn’s record revenue came on the back of “storming demand” for the higher priced iPhone 14 Pro and Pro Max models, which were launched last month.
While Foxconn maintained its full-year outlook, the company said Tuesday it is “cautiously positive” on the outlook for the fourth quarter.
Foxconn’s comments come amid a debate over the strength of Apple’s business against this difficult economic backdrop.
Last week, Bank of America analysts delivered a rare downgrade to Apple’s stock and cut its price target on “weaker consumer demand” for the iPhone 14. Apple shares fell sharply soon after.
MacDailyNews Take: There is no “debate,” as least by those in the know. A fake news story from/planted in Bloomberg “News” last week was the basis for Bank of America’s subsequent downgrade (which tells you all you need to know about the quality of BofA analysts who obviously couldn’t analyze the difference between their asses and their elbows if their lives depended on it.
A few days before expiry date, of course. While the SEC makes Rip Van Winkle look like a power napper.
Of course, we predicted this weeks before it happened:
Apple iPhone mix is easily going to be the strongest ever. Do not be surprised with the reports that Apple has “cut iPhone 14 orders,” meaning iPhone 14 and iPhone 14 Plus. The company will likely be increasing iPhone 14 Pro and iPhone 14 Pro Max orders to reflect the strong mix which bodes very well, of course for Apple’s iPhone average selling price (ASP). – MacDailyNews, September 14, 2022
• Apple shares swoon on Bank of America downgrade – September 29, 2022
• As we predicted, here comes the ‘Apple has cut iPhone 14 orders’ FUD – September 28, 2022
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