Apple supplier Foxconn books surprise rise in quarterly profit

Taipei: Apple Inc supplier Foxconn reported on Tuesday a surprise 11 per cent increase in third-quarter profit, boosted by strong demand for smartphones ahead of the year-end holiday shopping season in Western markets.

Net profit for the July-September quarter rose to T$43.1 billion ($1.3 billion), beating market estimates for an 11 per cent drop.

The world’s largest contract electronics maker said, however, that it expects revenues for the fourth quarter and the full year would log slight declines, though the fourth quarter would be a bit better than previously expected.