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Apple iPhone 12 to bring strong earnings for Foxconn, firm to continue US investments

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The Apple iPhone 12 series launch is set to have its primary supplier, Foxconn, see strong earning through the holiday and final quarter of 2020. The firm also announced that it would continue its investments in the United States.

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During Q3 of 2020, Foxconn raked in a profit of 1.08 billion US Dollars, which was nearly identical to its profits in the same quarter back in 2019. The Coronavirus pandemic is likely to be the primary reason for the flat year on year growth, as the Apple supplier faced costly delays as the product launch was rescheduled, as per an AppleInsider report.

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Liu Young-way, Foxconn Chairman, stated that the company is witnessing a “stronger than expected” demand for smartphones and servers in 2020. The former was likely due to the launch of the iPhone 12 series. According to Liu and analysts as well, the trend is expected to continue, with consumer electronics revenue projected to rise by as much as 10 percent in the fourth quarter and rise in early 2021.

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Furthermore, Foxconn is also likely to assemble all of the iPhone 12 Pro and iPhone 12 Pro Max models along with 70 percent of all the other models as well, as per certain analysts. The company stated that the projected demand for the new lineup has also encouraged it to continue its investments in US based projects. This includes its Wisconsin factory, which has been facing troubles, as an effort to keep moving forward in the region.

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