Apple assembly partner Foxconn looks to be recovering from the COVID-19 coronavirus-caused revenue plunge. The firm saw its first-quarter revenues drop almost 90% compared to the previous year. Its second-quarter revenues are still down but are showing major improvement.
Digitimes reports Foxconn parent company Hon Hai Precision Industry, has reported overall second-quarter revenue of NT$1.128 trillion, or approximately $37.6 billion. That is down 9.08% since the same period of 2019.
For the six months starting this year, Foxconn’s overall revenues were approximately $69 billion, a decline of 7.16% compared to January-June 2019.
Foxconn had expected second-quarter revenues to dramatically improve, saying last quarter that it expected double-digit growth from the first quarter to the second. “Hon Hai will stabilize in the second quarter,” it said.
While Foxconn may be best known for its assembly duties for Apple, the firm appears to have benefitted most from its other operations. “Of the four main product lines,” reports Digitimes, “networking/communication devices for cloud computing had the best results compared to electronic components, PC/peripherals, and consumer electronics, Foxconn said.”