Foxconn's profit in the June quarter up y-o-y by 12%

10 Aug 2022 , 01:05 PM

Foxconn, an Apple Inc. supplier, announced a 12% increase in second-quarter net profit, exceeding market expectations thanks to robust demand for its cloud computing products.

The largest manufacturer of contract electronics in the world, based in Taiwan, reported an increase in net profit for the April-June quarter to T$33.29 billion from T$29.78 billion a year earlier. According to Refinitiv, eleven analysts projected an average profit of T$31.98 billion. The corporation, like other big manufacturers worldwide, has struggled with a severe chip shortage that has limited the production of smartphones and, more lately, a decline in important markets brought on by high inflation and the conflict in Ukraine.