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.<\/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’s 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 “stronger than expected” 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","protected":false},"excerpt":{"rendered":"
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 a October-December net profit of T$45.97 billion ($1.61 billion). 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. Formally called Hon Hai Precision Industry Co Ltd, Foxconn’s fourth-quarter revenue rose 15% on the year. That was mainly […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-798232","post","type-post","status-publish","format-standard","hentry","category-telecom"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/798232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=798232"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/798232\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=798232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=798232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=798232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}