Apple supplier Foxconn reports better-than-expected Q2 profit

Taiwan’s Foxconn reported a better-than expected quarterly profit on Thursday due to strong demand for technology products from clients, such as Apple Inc, as people continued to telecommute amid the COVID-19 pandemic.

The world’s largest contract electronics maker reported April-June net profit of T$29.779 billion ($1.07 billion), up 30% from a year earlier. That compared to a Refinitiv consensus estimate of T$25.98 billion drawn from 12 analysts.

Foxconn said the stronger-than-expected figures were driven by its key consumer products, mainly smartphones, as more people work and study from home globally due to the pandemic.