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Apple Inc.'s (NASDAQ:AAPL) largest iPhone manufacturer, Hon Hai Precision Industry Co. (OTC:HNHPF), also known as Foxconn, has seen its shares soar to an all-time high in Taiwan after reporting its best April revenue.
What Happened: The Taiwanese company, responsible for manufacturing the majority of Apple Inc. (NASDAQ:AAPL)’s smartphones, reported a 19% surge in monthly revenue to $15.8 billion (NT$510.9 billion) in April, compared to $13.3 billion (NT$429.2 billion) in the same month last year, Bloomberg reported.
This marked a record high for April, according to a statement from Hon Hai.
Hon Hai shares in Taiwan gained 7.37% to close at TW$167.50, apiece.
According to a research note from Citigroup analysts, the computing segment experienced the most significant month-on-month growth, primarily due to the launch of Apple’s new MacBook Air.
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"Pull-in demand of iPhone was also stronger ahead of China's Labor Day holiday."
Despite its diversification into AI server racks and other equipment, Apple’s business still accounts for over half of Hon Hai’s revenue. This has led investors to closely monitor the company for indications of iPhone sales performance.
Why It Matters: The recent surge in Hon Hai’s sales comes amid a challenging period for Apple, particularly in the Chinese market.
Amid a decline in demand and fierce competition from Huawei Technologies, Apple’s CEO, Tim Cook, described China as “the most competitive market in the world.”
Apple’s underwhelming quarterly results were attributed to a drop in demand in China and fierce competition from Huawei. Despite the overall decline, Cook highlighted some positive signs, stating that iPhone sales in Mainland China had grown.
Apple’s second-quarter results outperformed muted goals, with a year-over-year revenue decline, and the company’s second-quarter earnings per share also fell from one year ago.
Apple’s iPhone sales plummeted 16% globally in the first three months of 2024, according to market research firm Canalys. Despite the iPhone 15 launch in September, Apple’s iPhone shipments fell by a staggering 9.3 million units, from 58 million in Q1 2023 to 48.7 million in Q1 2024.
Amidst these challenges, Hon Hai’s record-high sales could potentially indicate a positive turn for Apple’s iPhone sales and the AI server market.
Price Action: Apple shares were trading 0.38% down in premarket trading on Monday, after closing at $183.36 on Friday, according to Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
