Apple supplier Foxconn’s Q2 profit up 12% on cloud demand

Apple Inc supplier Foxconn reported on Wednesday a 12 per cent jump in second-quarter net profit, beating market estimates, helped by strong demand for its cloud computing products.

The Taiwanese company, the world’s largest contract electronics maker, said net profit for the April-June quarter rose to T$33.29 billion from T$29.78 billion a year earlier.

Eleven analysts were expecting on average a profit of T$31.02 billion, according to Refinitiv.

The company, like other global manufacturers, has grappled with a severe shortage of chips that has squeezed smartphone production, and more recently a downturn in major markets amid high inflation and the war in Ukraine.