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  • Foxconn Reports a Better-Than-Expected Third Quarter with 11% Rise in Profits

    Foxconn recently reported better-than-expected third-quarter earnings, which were attributed to the debut of the new iPhone 6s and iPhone 6s Plus, both of which have continued to grow in sales despite being in the middle of a slow period in the smartphone market. The company’s net profit was up by 11% to 37.9 billion New Taiwan dollars (roughly $1.16 billion US). For reference, in the previous year, the company posted profits of 34.09 New Taiwan dollars.

    Investor expectations were expected to be around 34.8 billion New Taiwan dollars on average according to The Wall Street Journal. Foxconn’s positive earnings report follows losses posted by several Apple rivals such as LG Electronics, HTC and even Xiaomi, which posted its first-ever drop in sales this past quarter.

    The Cupertino California company recently sold a record 13 million iPhone 6s and iPhone 6s Plus units when the devices launched this past September. This easily surpassed the 10 million iPhone 6 and iPhone 6 Plus units that the company ended up selling in 2014 though this year’s debut was aided by a simultaneous launch in China.

    As of right now, Foxconn is likely hoping to take on more of Apple’s business with a potential acquisition of Sharp’s LCD business. For reference, Sharp’s Kameyama plant No. 1 in Japan solely produces displays for Apple’s iPhone. If Foxconn is successful in its attempt to acquire the business, it would be getting an even larger order from Apple with less effort.

    We’ll have to wait and see how things pan out.

    Source: The Wall Street Journal
    This article was originally published in forum thread: Foxconn Reports a Better-Than-Expected Third Quarter with 11% Rise in Profits started by Akshay Masand View original post