Contract electronics manufacturer Foxconn reportedly recorded net profit gains in Q1, with a 45 per cent increase in sales spurred by smartphone demand.
Reuters reported chairman Liu Young-way used its earnings call to state Foxconn expects further growth in the current quarter on continued global demand for smartphones.
The company forecast growth in its smart consumer electronics and component businesses, but expects weakness in cloud and networking, and computing units.
Net profit grew from TWD2.1 billion ($75.1 million) in Q1 2020 to TWD28.2 billion in the recent period, albeit the prior year’s figure was heavily impacted by Covid-19 (coronavirus) [1].
Reuters stated revenue of TWD1.4 trillion was a record for a Foxconn first quarter, adding the company predicts a slowdown in growth in the current period.
Q1 capex was up 56.4 per cent to TWD18.3 billion.
[1] https://www.mobileworldlive.com/devices/news-devices/foxconn-expects-further-earnings-pressure-after-q1-drop
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