Mar 31, 2011 12:47 GMT  ·  By

2010 was the year where certain parts and companies on the IT industry managed to actually thrive, while others did not fare so well, and it seems that Foxconn is one of the least fortunate ones, according to its recent financial findings.

The past couple of months have seen the financial results of a great many IT companies, ranging from the enthusiastic to the bleak.

While 2010 is generally seen as having had an overall positive effect on this segment, this doesn't mean that everyone got a lucky break, especially with some areas still not having existed the recession.

Foxconn seems to act as evidence for this, as its finances turned out to have suffered a significant loss over the course of last year.

“Market dynamics shifted drastically and created tough challenges for some industry players as well as the Company,” says the press release.

“Despite our continual efforts to further diversify customer base and sources of revenue, the operation results for the Company concluded less than satisfaction.”

Due mainly to higher consolidated income tax and increased competition in its business outlets, Foxconn finished the year with revenues of US$6,626 million.

This sum is 8.2% lower than the one registered during the year before (US$7,214 million) and implies a fall of US$588 million.

The net figures are the most telling, however, Net income was of $38.6 million, a sum drastically outweighed by the $218.3 net loss. The latter sum itself, in turn, exceeded the original estimate of $202 million.

Lower earnings and suicide-related wage boosts contributed to the outcome, as did welfare costs. Moving Forward, Foxconn will try to stave off price increases, although, depending on how things go, this may not be possible for much longer.

What remains is to see if 2011 allows it to recover or causes its finances to plummet even further.