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Foxconn’s profit misses estimates

Foxconn’s profit misses estimates

The company said its 2020 net profit slid 12%

Stocks impacted: Foxconn (2354)

The world's largest contract electronics maker reported a fourth-quarter net profit of $1.61 billion, down 4% compared with the year-ago period, despite strong iPhone 12 sales and pandemic-led demand for telecommuting devices. Revenue rose 15% on the year, driven by a more than 15% revenue increase on the year from consumer electronics including smartphones. The company also said its 2020 net profit slid 12%, as the pandemic hurt the product demand of its largest customer, Apple Inc. as for the outlook, Foxconn expects revenue to grow about 10% in 2021 thanks to stronger than expected sales for smartphones, including the new iPhone 12. The firm’s shares ended up 0.94% on Tuesday.

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