Foxconn used to make half its revenue from Apple; now it’s below 29%

According to a report from 9to5Mac, the contract manufacturing giant Foxconn has significantly reduced its revenue dependency on Apple. Historically, the Cupertino-based tech company accounted for more than half of Foxconn's total revenue, but recent financial data indicates that this figure has dropped to below 29 percent as of the most recent quarter.

This shift marks a notable change in the business model for the world's largest electronics manufacturer. Foxconn has been actively pursuing a diversification strategy, expanding its footprint into other sectors including electric vehicles, cloud computing infrastructure, and a broader range of consumer electronics for various global brands. The company has indicated that this reduction in Apple-related revenue is expected to be a permanent structural change.

While the diversification is part of a long-term strategic plan to mitigate risks associated with reliance on a single major client, the rapid decline in revenue share has prompted some concern among investors. Market analysts are now closely monitoring how Foxconn balances its traditional high-volume manufacturing operations with these new, emerging business segments to maintain its overall profit margins in a competitive global market.