TAIPEI (Reuters) – Foxconn, the world’s largest contract electronics maker, on Thursday reported quarterly profit that beat market estimates, amid surging demand for telecommuting devices as the pandemic-induced work-from-home trend continues.
The Taiwanese firm, whose clients include technology majors such as Apple Inc, booked July-September net profit of T$30.8 billion ($1.08 billion), Reuters calculations showed based on nine-month figures.
That compared with the T$28.61 billion average of 13 analyst estimates compiled by Refinitiv.
Foxconn, formally Hon Hai Precision Industry Co Ltd, previously forecast weakness in its revenue-driving smartphone business in the quarter, but said work-from-home lifestyles being adopted worldwide would boost growth.
($1 = 28.5080 Taiwan dollars)
Reporting by Yimou Lee and Ben Blanchard; Editing by Christopher Cushing