iPhone assembly company Hon Hai Precision Industry Co. reported a colossal 44% increase in its revenue during the first quarter of the current fiscal year. According to a report from the Taiwanese manufacturer on Tuesday, revenue for January through March increased to NT$1.34 trillion ($47 billion), with sales increasing reaching NT$441.2 billion in March alone.
This revenue spike is largely attributed to the rapid rise in demand for Apple Inc’s new 5G devices and other gadgets, particularly with the growing concern around remaining connected while under lockdown during the coronavirus pandemic. With homeschooling, remote work, and home entertainment on the rise, consumers have been clawing at the latest iPhones, gaming consoles, laptops, and servers.
Over the last six months, Hon Hai shares have risen by 60%, with much positive publicity being gained as a result of the company’s revelation that it would be venturing into the electric vehicle business, going so far as to enter into deals with manufacturing partners such as Byton Ltd. and Fisker Inc.
According to estimates from Morgan Stanley, Hon Hai’s annual EV shipments may reach 1.1 million units by 2025, constituting around 10% of the global share.
