Foxconn stock reaches record high on the back of iPhone 5 Rumours
Apple may not like it when we all start talking about unreleased hardware, but such speculation doesn’t seem to be doing one of its biggest partners any harm.
In fact, Foxconn’s close relationship with Apple has seen its stock price skyrocket to an all-time high thanks to extremely strong iPhone 4S sales combined with new rumours of iPhone 5 production.
Foxconn currently manufactures almost 50% of the planet’s electronics, with Apple being its most high profile customer thanks to its hugely successful iOS devices in particular…
Rumours that the iPhone 5 is set to feature a new all-metal rear plate have been circulating for some time, and with Foxconn’s ability to supply such metal casings, the firm’s shares have reached a six-month high. Huge sales of iPhones and iPads have also helped improve confidence in Foxconn’s stock, and with Apple showing no sign of slowing down when it comes to massive hits, there is no reason for Foxconn’s situation to worsen any time soon.
“There’s talk that Apple is going to use metal for its new iPhone, so this will benefit companies like Foxconn,” said Dennis Chan, an analyst at Yuanta Securities Co. in Taipei. “That’s why it’s surging.”
Foxconn will also be heavily involved in the iPad 3, and with that device expected to go on sale during the coming months, the firm will no doubt do well here, too.
Foxconn’s stock closed recently at NT$101.50 (approximately $3.44 US) which represents a rise of around six percent.