Apple supplier Hon Hai shows record profits
Hon Hai or Foxconn Technology as it is popularly known as has reported earnings for the year with a net income of $3.2 billion. The company is known for being the primary partner for manufacturing Apple’s iPhone, iPads in addition to other products.
The Financial Times also reports that subsidiary, Foxconn International Holdings, has suffered a loss of $316.4 million. The company is responsible for manufacturing smartphones for several brands including Nokia and Motorola. The decreasing demand for said brands might have a role to play in the losses suffered. Analysts have raised concern over Foxconn’s heavy reliance on Apple to drive bottom lines. Foxconn has previously been in the news for allegedly providing sweatshop conditions for employees. The company claims to be planning a push in the vertical integration segment by manufacturing components itself instead of just offering an assembly facility.
[Via – Engadget]