Foxconn, the Taiwanese company, is well known the world over as a supplier of parts to Apple and an assembler for the much sought-after Apple devices.
The latest Fortune 500 list shows that the contract company is ranked higher than Apple. The parent company of Foxconn, Hon Hai Precision Industry, has broken into the top 50 of the annual list of world’s largest companies by revenue and is now ranked 43.
In comparison, the Cupertino giant has not even able to make it into the top 50, finding itself at the 55th spot.
According to the latest figures, Hon Hai Precision Industry’s revenues stood at a whopping $117.5bn (£75.7bn). This helped the company climb 17 places up in Fortune 500 list, compared to last year. Apple’s revenues, on the other hand, were $108.2bn (£69.8bn).
However, when it comes to profits, Apple is far ahead of Foxconn. According to latest figures, Apple’s profit stood at $25.9bn (£16.7bn) during the period. In comparison, Foxconn’s profit was a meager $2.8bn (£1.8bn) during the same period.
This could be because Foxconn is reported to sacrifice profits to retain orders from major companies like Apple.