Apple supplier Foxconn reports Q1 profit T$28.2 bln, beats estimates

Taiwan’s Foxconn (2317.TW), which assembles iPhones for Apple (AAPL.O), on Friday reported better-than-expected first-quarter profit amid the work-from-home trend spurred by the COVID-19 pandemic that has stoked demand for electronic devices.

Officially known as Hon Hai Precision Industry Co, the world’s biggest contract electronics maker said January-March net profit surged to T$28.2 billion ($1 billion) from T$2.1 billion in a pandemic-hit first quarter a year earlier, beating an average forecast of T$24.41 billion compiled from 11 analysts’ estimates by Refinitiv.

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Equities, Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe