Foxconn revenue jumps in Q1
The firm also said it sees growth continuing in the second quarter
Stocks impacted: Foxconn (2354)
Taiwan’s Foxconn reported a better-than-expected first-quarter profit, citing high demand for electronic devices amid the work-from-home trend spurred by the COVID-19 pandemic. The company’s net profit jumped to T$28.2 billion (S$1.34 billion) from T$2.1 billion a year earlier. Sales from its major revenue contributor climbed more than 15% in the first quarter from a year earlier. First-quarter revenue rose 45% from a year earlier to T$1.34 trillion. In its earnings statement, Foxconn didn’t explain the source of the profit growth. The firm also said it sees growth continuing in the second quarter. despite strong earnings, the company’s shares finished lower nearly 0.50% in Asia.
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