Apple supply partner Luxshare has reported record revenue and profit in the first half of 2021. The provider’s news comes on the heels of its being added to Apple’s list of iPhone 13 assembly partners.
From a Nikkei Asia report:
The Guangdong-based company sometimes called “Little Foxconn,” which has been deepening its relationship with Apple and is assembling iPhones for the U.S. technology giant for the first time this year, said first-half revenue grew more than 30% from a year ago to 48.14 billion yuan ($7.42 billion). Net profit was up 22% to 3.08 billion yuan.
The results were achieved despite geopolitical uncertainties, a global chip shortage, the rise of labor and raw materials costs, and on-and-off disruptions from COVID-19.
“Some of our businesses were postponed due to multiple external factors,” Luxshare said in a stock exchange filing. “But looking ahead to the second half of this year, we are determined to continue to carry out our five-year corporate growth plan though the external uncertainties are expected to stay.”
Luxshare began supplying connectors to Apple in 2013 before becoming an AirPods assembler in 2017. It added the Apple Watch to its assembly responsibilities in 2019.
Earlier this month, a Nikkei Asia report said that Luxshare had won 3% of Apple’s iPhone 13 phone orders, joining Foxconn and Pegatron as iPhone assembly partners.
Since Luxshare is expected to produce only 3% of the iPhone 13 supply, Apple won’t take a huge hit if the company proves to be inept at building handsets. Luxshare’s piece of the action will likely increase if things go well.