Thursday , January 21 2021

Foxconn, its biggest client is Apple, has grown



Taiwan's company revenue in the third quarter increased 27.5% to 1.38 trillion TWD from TWD's 1.08 trillion last year.

Foxconn Technology Group, the maker of electronics and computing whose biggest client is Apple's concern, posted an increase in profit in the third quarter, but was less than predicted by analysts.

Foxconn, officially known as Hon Hai Precision Industry Co., announced on Tuesday that its net profit in the three months to the end of September rose 18.3% to 24.9 billion new Taiwan dollars (709.44 million euros). But analysts approached by FactSet predict TWD's 29.3 billion profit.

And for a jump in profit in the last quarter, it was lower than the comparative base, as Foxconn's third-quarter profit was negatively affected by the delay in production of the Apple X.

Taiwan's company revenue in the third quarter increased 27.5% to 1.38 trillion TWD from TWD's 1.08 trillion last year.

Company analysts estimate that sales in the fourth quarter are likely to support the supply of XS XS XS XS XS iPhone components, which go on sale at the end of September.

But uncertainty about further developments remains. Some suppliers say that Apple has lowered its initial production forecast for the iPhone XR in the coming months. And economists expect to cut estimates for the iPhone XS and XS Max.

Apple's stock prices fell earlier this week after two major suppliers for iPhone, Japan Display and Lumentum Holdings cut their sales forecasts in the coming months. None of the companies mentioned by Apple.

(1 EUR = 35,098 TWD)

(TASR)


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