iPhone Assembler Foxconn Posts 20% Increase in Quarterly Revenue

Thanks to the growing demand for smartphones and tablets from Apple and other companies amid the COVID-19 pandemic, Taiwan-based contract manufacturer Hon Hai Precision a.k.a Foxconn has reported an impressive 20% jump in second-quarter revenue, Yahoo! Finance reports.

The iPhone assembler saw its three-month revenue through June rise to $48.7 billion (NT$1.36 trillion) as compared to the estimated NT$1.34 trillion. Hon Hai also reported June sales of NT$401.6 billion, whereas its year-to-date revenue came to NT$2.7 trillion.

The strong showing from the world’s largest contract electronics maker suggests demand for iPhones, gaming consoles and servers remains robust as consumers snatch up devices for remote work, home-schooling and entertainment needs.

Companies are also spending big on technology as they look to expand their data-center infrastructure to better serve customers’ online activities.