The Taiwanese company Hon Hai Precision Industry, also known as Foxconn, reported profit of 1.15 billion USD in Q3 2015, which above the analytics forecasts and represent 11% yoy increase. Hon Hai received the majority of its revenues for the third quarter of Apple, which updated its smartphone iPhone. The revenue growth reached 12% and is the largest in five years. For its part, Apple predicted record sales in December due to the higher demand for its best-selling products. Hon Hai revenues reached 1.01 trillion USD, surpassing the expected 0.99 trillion USD, which was the average estimate of analysts. Beyond its operations related to the iPhone, Hon Hai produces computers, smartphones, servers and gaming consoles for other clients including Sony and HP. Gross margin for the period reached 7.2% and is in line analysts’ expectations.
The operating profit, taking into account research and administrative expenses, jumped with 22% to 36.2 billion USD, compared with 34.4 billion USD, forecasted by analytics. Apple sold more than 48 million devices iPhone in the quarter ended September 26, but predicts record earnings in December.