AfterDawn: News

Foxconn parent disappoints with earnings thanks to slowing demand for iPhone

Hon Hai Precision Industry, the parent of Foxconn, reported earnings this week, and they were not pretty.

The company, which is Apple's main manufacturer, saw a 19 percent dip in revenue for the Q1 thanks to weaker demand for the iPhone.



Total revenue for the quarter was $26.96 billion, down from $33 billion in the Q4 2012 and $33.5 billion for the Q1 2012.

"A quarterly decline was expected, but not a yearly decline," added KGI Securities analyst Ming-chi Kuo. "This shows that Hon Hai's revenue depends too much on Apple, and iPhone orders corrected more than expected."

Hon Hai makes 65 percent of its revenue from assembling iPhones (and iPads and iPod Touches) and other work for Apple.

Written by: Andre Yoskowitz @ 10 Apr 2013 15:45

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• 5 comments

• KillerBug

  Does this mean they will be putting nets around the places that the management lives too?
  

  
  

  10.4.2013 18:20 #1

• Bigwillyz

  You are awesome KillerBug, someone had to say it

  11.4.2013 02:20 #2

• Gosurf101

  Originally posted by KillerBug: Does this mean they will be putting nets around the places that the management lives too? I sure that the workers would love to cut holes in the net if they did,so management falls right through.

  11.4.2013 08:53 #3

• Gnawnivek

  LOL, thanks for the laughs KillerBug and Gosurf101.
  

  Peace!

  12.4.2013 09:58 #4

• cart0181

  Nets won't be necessary. The execs will be publicly executed.

  12.4.2013 11:01 #5