Hon Hai Precision Industry Co. recorded a revenue jump of 44% to NT$1.34 trillion or $47 billion in the first quarter, according to the company’s press release. The revenue was driven by robust demand for Apple’s new 5G devices and other gadgets during the pandemic.
Hon Hai’s March sales rose to NT$441.2 billion.
The revenue suggests that iPhones, gaming consoles, and servers remain robust as consumers snatch up devices for remote work, homeschooling, and entertainment.
Gadget demand is also fueled by spending on technology and data-center infrastructure by companies to serve customers’ online activities.
Despite revenue growth, Hon Hai warned in late March that component shortages could persist until 2022 and affect a tenth of its shipments.
Hon Hai’s shares have gained 57% in the past six months as the company ventures into the electric vehicle business, inking manufacturing deals with Byton Ltd and Fisker Inc.
Morgan Stanley estimates annual shipments of Hon Hai’s EVs may hit 1.1 million units or about 10% of the global share by 2025.Hon Hai stock is currently gaining. 2317: TPE is up 0.82%
