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

As Apple’s lead iPhone assembler, contract manufacturing company Foxconn long made more than half of its revenue from the Cupertino company.

As of the last quarter, however, that proportion fell to below 29%, and the company says the shift is going to be permanent – leaving investors concerned …

Foxconn’s Zhengzhou plant is so large that the city in which it is based is colloquially known within China as iPhone City. At one point, around 80% of the world’s iPhone production took place in this single facility.

While Apple has been working hard to diversify iPhone production beyond China’s borders, Foxconn has remained the company’s primary assembly partner. However, the proportion of the revenue made from this work has fallen below 29% within the most recent quarter.

The reason has nothing to do with the company making fewer iPhones, but rather the number of AI servers it now builds, as TNW reports.