CE Manufacturer Foxconn Reports March Revenue Rise of Almost 60%
According to a report from RetailNews Asia, controversial electronics manufacturer Foxconn has reported a rise in revenue for March 2020, equating to 59.9%. After having to stop most of its production during the initial breakout of coronavirus in China, RetailNews Asia reports that Foxconn has been steadily going back to its normal working capacity in recent weeks. Initially suffering losses in revenue, particularly in the first three months of 2020, it appears that the company is recovering. However, the company reports that some of its products are still being affected by travel restrictions, causing delays in product testing.
Half of the world’s iPhones are made at Foxconn, with other popular products such as iPad, iPod, and game consoles Nintendo 3DS, PlayStation and Xbox also being partly or fully manufactured at their facilities.
2020 has obviously been a difficult year for businesses, with almost all smartphone companies suffering losses in revenue. Apple, however, has reportedly enjoyed a $56 billion revenue in the first quarter of 2020, 8% higher than last year, with its upcoming 5G iPhones expected to prove even more profitable for the Cupertino company. All of this, of course, equates to more business for its partner, Foxconn.
Foxconn has been the subject of several controversies over the years, most notably allegations over appalling working conditions. In 2012, during its production of Wii U consoles, the company was found in violation of Nintendo’s Corporate Social Responsibility Procurement Guidelines, confessing to the employment of children under the age of 16 in one of its factories. Despite the waves of negative attention, Foxconn remains the world’s largest provider of electronics manufacturing services.