Apple’s largest supplier Foxconn, maker of devices like the iPhone 12, has smashed expectations and recorded a profit of around $1 billion for Q1 of 2021.
From Reuters:
Taiwan’s Foxconn, which assembles iPhones for Apple, 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.
Last week Foxconn reported its best-ever April thanks to very strong iPhone 12 shipment numbers, as well as strong demand for the PS5, which combined to delivered 13.44% growth on March and 31% year on year.
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