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Apple Supplier Foxconn Reports 44.5% Revenue Surge in Q1

Foxconn has reported a year over year revenue increase of 44.5% for the first quarter of 2021, reaching a total of around $47 billion. March revenues were $15.5 billion up 9.78% from February and up 26.91% year over year, reports DigiTimes.

Compared to February, Foxconn’s revenues from PC product had the strongest growth in March, followed by those from cloud computing devices, components and consumer electronics. On a yearly basis, revenues from consumer electronics had the best performance, followed by PC products, cloud computing devices and components.

Previously, chairman Young-Way Liu said he expected a sequential decline of over 15% for the quarter but a year over year increase of over 15%. While Liu is optimistic about 2021, potential impact from the coronavirus pandemic such as component shortfalls could affect the industry’s overall performance. He expects the shortages to have a less than 10% impact on the company’s operations, though it’s unlikely to ease until next year.

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