Apple supplier Foxconn's profit slips, warns on 'materials shortages'

TAIPEI -Major Apple Inc supplier Foxconn on Tuesday posted a lower fourth-quarter profit that lagged expectations as the pandemic hit margins, and warned of the impact of"materials shortages" amid tight global chip supplies.

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.Chairman Liu Young-way said he expected first-quarter revenue to be"better than normal" for the season thanks to strong sales of smartphones and telecommuting devices amid a coronavirus-induced work-from-home trend.

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