Foxconn posts better-than-expected second-quarter profit


TAIPEI Foxconn, the world’s largest contract electronics manufacturer, reported a better-than-expected quarterly profit on Wednesday, as rising telecommuting demand amid the coronavirus pandemic offset slowing smartphone sales.

Foxconn, whose clients include tech giants such as Apple, reported a net profit of T$22.9 billion ($778.54 million) for the second quarter ended June.

That was up about 34% from a year earlier according to Reuters calculations and better than a consensus estimate of T$17.95 billion drawn from 13 analysts polled by Refinitiv.

Foxconn did not immediately provide any other details.

The firm, formally called Hon Hai Precision Industry Co Ltd, had in May warned of bleak smartphone sales in the second quarter citing an “enormous” impact on demand due to the virus, but said the work-from-home lifestyles being adopted worldwide would offer new growth opportunities.

Researcher IDC said global smartphone shipments fell 16% from a year earlier in the second quarter.

Analysts, however, expect Apple’s new lineup of iPhones, set to be launched in the autumn, to boost Taipei-based Foxconn’s revenue recovery in the months to come.

More than 70% of the new iPhones could be assembled by Foxconn, helping the firm’s revenue resume growth in the fourth quarter, Taipei-based KGI Securities said.

Shares in the company closed 2% higher ahead of the results, versus a 0.9% fall for the broader market. Foxconn shares have lost more than 10% this year.

Also Watch

CNN-News18 Accesses Sushant’s Bank Details; 2 Big Transactions Closely Examined By ED

($1 = 29.4140 Taiwan dollars)

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

[videos] => Array
[0] => Array
[id] => 5f339065a07a3a25bbc1783b
[youtube_id] => 63jFLXDhIQQ
Foxconn posts better-than-expected second-quarter profit => CNN-News18 Accesses Sushant’s Bank Details; 2 Big Transactions Closely Examined By ED

[1] => Array
[id] => 5f338d1da07a3a25bbc177c8
[youtube_id] => jITUT1vC03s
Foxconn posts better-than-expected second-quarter profit => Bengaluru Violence: 3 Dead, 60 Police Officers Injured; Political Leaders React To The Incident


[query] =>,5d95e6c778c2f2492e214960&categories=5d95e6d7340a9e4981b2e10a&publish_min=2020-08-09T12:20:03.000Z&publish_max=2020-08-12T12:20:03.000Z&sort_by=date-relevance&order_by=0&limit=2

Source link

Previous articleDay determined to get back to number one – former coach
Next articleUK in recession for first time in 11 years
SATARK NEWS ENGLISH was launched in 2020. And in just a few months, it became the famous English news website in India and abroad. And now we publish with three different languages English, Hindi, and Urdu.