- Net profit for the second quarter was T$29.7 billion, up from T$22.9 billion a year ago.
- Analysts predicted a T$25.98 billion net profit for the second quarter.
- Revenue is expected to increase by 3% to 15% year over year in Q3.
Due to high demand for technology items from clients like as Apple Inc, Taiwan’s Foxconn (2317.TW) announced a better-than-expected quarterly profit on Thursday, as people continued to telecommute amid the COVID-19 outbreak.
The world’s largest contract electronics manufacturer posted a net profit of T$29.779 billion ($1.07 billion) in April-June, up 30% from the same period last year. This compares to a T$25.98 billion consensus estimate from 12 analysts compiled by Refinitiv.
The stronger-than-expected results were attributed to Foxconn’s major consumer products, namely cellphones, as more people around the world work and study from home as a result of the pandemic.
Foxconn, formerly known as Hon Hai Precision Industry Co Ltd, anticipated a 15% increase in second-quarter sales in May, boosted by demand for consumer gadgets such as the iPhones it assembles for Apple. find out more
Its second-quarter revenue increased by 20% year over year to T$1.35 trillion.
Foxconn expects overall revenue to increase by 3-15 percent in the third quarter, with revenue from the consumer electronics division increasing by more than 15% year over year.
This year, Foxconn’s stock has increased by around 16 percent. On Thursday, they finished flat, in line with the overall market (.TWII).