Hon Hai Precision Industry, also known as Foxconn Technology Group, counts Apple as its key client. Foxconn assembles iPhones and their Apple contract accounts for more than half of the Taiwanese company’s earnings. Yesterday, Foxconn reported both its highest-ever holiday quarter net profit and highest-ever gross margin since first-quarter 2013.
Berkshire Hathaway’s position in Apple is now more than twice as large as previously disclosed at $18.2 billion, investment tycoon Warren Buffett told CNBC in an interview on Monday. At the end of last year, Berkshire Hathaway owned 61 million Apple shares, worth $7 billion at the time.
Buffet’s annual letter to shareholders, which included a regulatory disclosure of its long positions, has revealed that his conglomerate had purchased about 120 million shares of Apple in 2017.
Apple is breaking records—the company’s stock price has surged to an all-time intraday high, trading as high as $134.88 today and having surpassed the previous all-time intraday high of $134.54 set on April 28, 2015. The current stock price gives the Cupertino company a market capitalization of nearly $710 billion, the largest market valuation for a publicly traded American company.
According to MarketWatch, just yesterday the stock had closed at a record $133.00, passing the previous record set two years earlier.
Despite seeing its brand tarnished and anywhere between $2 billion and $5 billion wiped off its operating profit in the aftermath of Note 7 fiasco, Samsung of South Korea has managed to boost its fourth quarter earnings on the back of its semiconductor division and strong sales of the Galaxy S7 and Galaxy S7 Edge flagship devices.
Operating profits rose to $7.2 billion over the last three months of 2016 on sales of about $45.8 billion. Samsung’s mobile division captured $2.1 billion in operating income, a four percent year-over-year profit increase.
Samsung Mobile expects sales of its low-cost phones in the Galaxy A and J series to grow in the coming months. All in all, this was Samsung’s most profitable quarter in three years as the company has clearly bounced back from the global Note 7 recall.
We didn’t want to let this milestone pass by without acknowledging it: shares of Apple have hit the $119.95 mark in intraday trading, the highest stock price for the Cupertino firm since late 2015 and good for a cool $639.7 billion market cap. $AAPL hit a 52-week low of $89.47 in May 2016.
iPhone manufacturer Foxconn Technology Group posted its first ever sales decline since it went public back in 1991, Japanese outlet Nikkei reported Tuesday. The outlet expectedly blames “lukewarm demand” from Foxconn’s biggest client Apple and the “saturated smartphone market” for the 2.81 percent drop in annual sales.
For context, Foxconn earns more than half of its revenue from doing business with Apple. The Taiwanese company is also known as Hon Hai Precision Industry and assembles iPhones and other gadgets like PlayStation consoles, notebooks, wearable devices and so forth on a mass scale.