Apple (AAPL) on Watch as Foxconn Q2 Sales Top Estimates
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Apple (Nasdaq: AAPL) shares are on watch Wednesday following strong quarterly results out of one of its key manufacturers.
Data out today has Hon Hai Precision (Foxconn) reporting Q2 sales of NT$896.87 billion (about $29.81 billion), which is up 10.9 percent from the prior quarter and up 0.6 percent over the same period last year. Analysts were expecting revs of NT$848.78 billion in the quarter, according to a Thomson Reuters-conducted poll.
Foxconn makes devices like Apple's iPhone and iPad, along with products from top PC giants like Hewlett-Packard (NYSE: HPQ) and Dell, Inc. (Nasdaq: DELL). Apple generally accounts for 60 percent of Foxconn's sales.
Foxconn CEO Terry Gou noted in June that the Company's target of 15 percent growth in 2013 would be "challenging" due to easing consumer demand for certain products along with stagnant global growth.
Apple is expected to release new products starting in August/September, which means production could be ramping-up right now. Shares are slightly lower in pre-market trading.
Data out today has Hon Hai Precision (Foxconn) reporting Q2 sales of NT$896.87 billion (about $29.81 billion), which is up 10.9 percent from the prior quarter and up 0.6 percent over the same period last year. Analysts were expecting revs of NT$848.78 billion in the quarter, according to a Thomson Reuters-conducted poll.
Foxconn makes devices like Apple's iPhone and iPad, along with products from top PC giants like Hewlett-Packard (NYSE: HPQ) and Dell, Inc. (Nasdaq: DELL). Apple generally accounts for 60 percent of Foxconn's sales.
Foxconn CEO Terry Gou noted in June that the Company's target of 15 percent growth in 2013 would be "challenging" due to easing consumer demand for certain products along with stagnant global growth.
Apple is expected to release new products starting in August/September, which means production could be ramping-up right now. Shares are slightly lower in pre-market trading.
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