{"id":110837,"date":"2021-03-30T08:34:38","date_gmt":"2021-03-30T08:34:38","guid":{"rendered":"https:\/\/fin2me.com\/?p=110837"},"modified":"2021-03-30T08:34:38","modified_gmt":"2021-03-30T08:34:38","slug":"apple-supplier-foxconns-q4-profit-slips-lags-view","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/apple-supplier-foxconns-q4-profit-slips-lags-view\/","title":{"rendered":"Apple supplier Foxconn's Q4 profit slips, lags view"},"content":{"rendered":"
FILE PHOTO: People wear masks to protect themselves from the coronavirus disease (COVID-19) while listening to the annual general meeting at the lobby of Foxconn’s office in Taipei, Taiwan, June 23, 2020. REUTERS\/Ann Wang\/File Photo <\/figcaption>

TAIPEI -Foxconn, the world\u2019s largest contract electronics maker, posted on Tuesday a lower fourth-quarter profit that lagged expectations despite strong iPhone 12 sales and pandemic-led demand for telecommuting devices.<\/p>\n

The Taiwanese firm, which counts technology giants such as Apple Inc among its major clients, booked a October-December net profit of T$45.97 billion ($1.61 billion).<\/p>\n

That represented a 4% decline from a year earlier, according to a company statement, and compared with the T$50.89 billion average of 11 analyst estimates compiled by Refinitiv.<\/p>\n

Formally called Hon Hai Precision Industry Co Ltd, Foxconn\u2019s fourth-quarter revenue rose 15% on the year.<\/p>\n

That was mainly driven by a more than 15% revenue increase on the year from consumer electronics including smartphones, which accounted for 63% of its business in the quarter, Foxconn said without elaborating.<\/p>\n

The company had previously forecast fourth-quarter revenue to be in a range of a decline of 3% and gain of 3% from a year earlier.<\/p>\n

Foxconn had also said it expected revenue to grow about 10% in 2021 thanks to \u201cstronger than expected\u201d sales for smartphones, including the new iPhone 12, as well as telecommuting devices amid a coronavirus-induced work-from-home trend.<\/p>\n

Shares of Foxconn have climbed almost 41% this year. They ended up 0.78% on Tuesday, compared with a 0.48% rise in the broader market.<\/p>\n

($1 = 28.5280 Taiwan dollars)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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