Taiwan’s Foxconn, which supplies Apple accessories for the iPhones, reported third-quarter earnings higher than expected, mainly due to strong demand for smartphones as people continue to work remotely due to the pandemic.
However, Foxconn, the world’s largest electronics maker, said it expects revenue for the fourth quarter in its core consumer electronics business, which includes smartphones, to fall more than 15% from a year earlier, without to state a cause.
Overall, he predicted that revenues would fall between 3% -15%.
It had previously expected only a small impact from the lack of semiconductors worldwide, but had warned that rising coronavirus cases in Asia could hit its supply chain.
Third-quarter revenue rose 9% year-on-year, Foxconn said, while net profit for the July-September period rose 20% year-on-year to Taiwan $ 36.98 billion ($ 1.33 billion). dollars). Convergent estimates put Taiwan at $ 31.73 billion.
Analysts expected strong sales of iPhones to boost Foxconn’s operations in the third quarter, with the company securing more than 75% of assembly orders, including those for the iPhone 13.
But they warned that supply chain problems could reduce any possible short-term increases in Foxconn orders.
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Source From: Capital
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