News Summary

• Now despite coming in what it describes as traditionally a transition month between old and new products, the company is reporting a record high revenue for April 2024.
• Workers in a Foxconn factoryApple's largest iPhone manufacturer has reported almost a fifth higher revenue for April 2024 compared to the same month in 2023, in part because of diversification.
• In March 2024, Foxconn's parent company Hon Hai Precision Industry Co reported a 10% revenue drop in Q1, specifically because of slowing demand over the iPhone.
• That expansion in India, and similar moves in Vietnam, mean that the company has also been closing factories in China.
• In July 2023, it pulled out of a joint processor venture in India, only to later invest $1 billion in other expansion in the country.
• Its monthly sales for April 2024 were $15.8 billion, compared to $13.3 billion in April 2023.