Hon Hai Sets Sales Record Thanks to Strong 5G iPhone Demand
- Largest iPhone assembler trumps analysts’ projections
- The new iPhones are expected to usher 5G into the mainstream
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Main iPhone assembler Hon Hai Precision Industry Co. reported higher-than-expected quarterly revenue thanks to robust demand for Apple Inc.’s new 5G devices.
The Taiwanese company’s sales in December totaled NT$713.8 billion ($25.5 billion). Revenue in the quarter reached a record NT$2 trillion, according to Bloomberg News’s calculations based on previously released monthly sales figures, beating the average estimate of NT$1.8 trillion. Hon Hai rose as much as 4.8% in Taipei Wednesday to its highest in more than two years, after Citigroup raised its earnings estimate and target price on the company.