TAIPEI (Reuters) – Taiwan’s Foxconn, which assembles iPhones for Apple, reported a better-than-expected third-quarter profit on Friday, helped by strong demand for consumer electronics as people work remotely through the coronavirus pandemic.
Foxconn, the world’s largest contract electronics maker, reported July-September net profit of T$36.98 billion ($1.33 billion), up 20% from a year earlier, the company said in a statement. That was above a Refinitiv consensus estimate of T$31.73 billion drawn from 12 analysts’ estimates.
Foxconn said the net profit, the second-highest on record for the third quarter, was better than its own expectations and boosted by “strong smartphone demand”.
Third-quarter revenue rose 9% on the year to a record T$1.405 trillion, compared to the company’s previous forecast of a growth between 3% to 15%.
Foxconn previously said it felt only a small impact from the year-long global chip shortage but had cautioned that rising COVID-19 cases in Asia could hurt its supply chain.
($1 = 27.8320 Taiwan dollars)
(Reporting by Yimou Lee and Sarah Wu; Editing by Kenneth Maxwell)
