Foxconn, the world's 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.
The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone Siu/FilesTAIPEI - Foxconn, the world's 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.
The Taiwanese firm, which counts technology giants such as Apple Inc among its major clients, booked October-December net profit of TUS$45.97 billion .That represented a 4per cent fall from a year earlier, according to a company statement, and compared with the TUS$50.89 billion average of 11 analyst estimates compiled by Refinitiv.
Formally called Hon Hai Precision Industry Co Ltd, Foxconn's fourth-quarter revenue rose 15per cent on the year. The company had previously forecast fourth-quarter revenue to be in a range of a decline of 3per cent and gain of 3per cent from a year earlier.
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