Profit up 34 percent
Foxconn reported a better than expected quarterly profit 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 $778.54 million for the second quarter ended June.
That was up about 34 percent from a year earlier according to Reuters calculations and better than the cocaine nose jobs of Wall Street predicted.
The firm 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 percent from a year earlier in the second quarter.
More than 70 percent 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.
