TAIPEI (Reuters) – Taiwan’s Foxconn, which assembles iPhones for Apple, on Friday reported first-quarter profit jumped 13-fold amid the work-from-home trend spurred by the COVID-19 pandemic that has stoked demand for devices like smartphones and laptops.
Officially known as Hon Hai Precision Industry Co, the world’s biggest contract electronics maker said January-March net profit grew to T$28.2 billion ($1 billion) from T$2.1 billion a year earlier. That was well above an average forecast of T$24.41 billion compiled from 11 analysts’ estimates by Refinitiv.
In a brief earnings statement, Foxconn didn’t explain the source of the profit growth.
First-quarter profit rose more than 13 fold from a low base a year earlier, according to Reuters calculations, when the company’s business was badly hit by the early outbreak of the COVID-19 pandemic.
($1 = 27.9500 Taiwan dollars)
(Reporting by Yimou Lee and Ben Blanchard; Editing by Kenneth Maxwell)
