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Manufacturing
Foxconn revenues up by 30% for September
CKN
2018/10/12 06:52:59
1,900
China's Financial News, China News ,Foxconn

Oct 12, 2018 (China Knowledge) - Foxconn, a key supplier for Apple Inc, posted a 30% increased in September’s revenue yesterday, bringing expectations of strong product sales for Apple products up despite the Sino-U.S. trade tensions.

Apple’s products which are largely manufactured in China have so far been exempted from the U.S. import tariffs. However, that may soon change as the Trump administration has threatend to expand its tariffs to include all goods from China. Currently, the tariffs account for about half of all imports from China.

Foxconn reported that revenues rose 30% to USD 18.8 billion, continuing its double-digit growth since May. It also brings the company’s 9-month and third-quarter revenues to record high.

Foxconn may face challenges in the near future as it is in the middle of the crossfire between the U.S. and China. Foxconn holds major production facilities in China while its key market lies in the U.S.

Foxconn shares closed lower by 6.9% on Thursday but has since rallied by about 2% and currently trades at TWD 65.30 apiece.

Last month Apple introduced its latest iPhone and a smartwatch that has the ability to detect heart problems as it tries to get customers to upgrade to more expensive devices amid stagnant global demand for smartphones.

Apple will report its results for September on 1st November.

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