Apple Shares Gain on Report of iPhone Manufacturing Increase

Apple Shares Gain on Report of iPhone Manufacturing Increase
TheStreet
12/15/2020
© TheStreet
Apple Shares Gain on Report of iPhone Manufacturing Increase
Apple Inc. shares edged higher Tuesday following a report that the tech giant is planning a significant increase in its iPhone manufacturing to meet an anticipated surge in 2021 demand.
Japan's Nikkei business newspaper said Apple has instructed suppliers to produce around 230 million iPhone handsets next year, a 30% increase from the pre-pandemic pace of 2019, with around 96 million slated for the first half of the year.
Foxconn Technology Group , the world's biggest electronics manufacturer and Apple's most important supplier, said last month that 2021 sales will grow by around 10% amid what it sees as strong demand for consumer electronics in general and the iPhone 12 more specifically. Apple typically accounts for around half of Taiwan-based Foxconn's annual revenue.

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