Foxconn Technology Group Second-Quarter Net Profit Rose 34% – Digitalmunition




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Published on August 12th, 2020 📆 | 1966 Views ⚑

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Foxconn Technology Group Second-Quarter Net Profit Rose 34%

   By Kosaku Narioka 
 

Foxconn Technology Group said Wednesday that its second-quarter net profit jumped 34%, recovering from the first quarter that was hit hard by the Covid-19 pandemic.

The Taiwanese electronics maker, formally known as Hon Hai Precision Industry Co., said net profit rose to 22.88 billion New Taiwan dollars (US$778.0 million) from NT$17.05 billion a year earlier. That beat the estimate of NT$17.72 billion from a FactSet poll of analysts.

Second-quarter revenue declined 2.7% to NT$1.128 trillion.

In the first quarter, Foxconn’s net profit fell 90% to NT$2.08 billion as it shut down plants in China for weeks amid the pandemic.

At its earnings conference in May, Foxconn Chairman Young-way Liu said the April-June revenue was expected to fall by a single-digit percentage as demand for consumer products including smartphones was likely to decline.

Foxconn said earlier this month its revenue in July rose 1.3% to NT$403.33 billion.

 

Write to Kosaku Narioka at [email protected]

 

(END) Dow Jones Newswires

August 12, 2020 02:59 ET (06:59 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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