Apple supplier Foxconn’s Q3 profit leaps past estimates, boosted by smartphone demand

TAIPEI: Taiwan’s Foxconn, which assembles iPhones for Apple, reported a better-than-expected third-quarter profit on Friday, helped by strong demand for consumer electronics as people work remotely through the coronavirus pandemic.

Foxconn, the world’s largest contract electronics maker, reported July-September net profit of T$36.98 billion ($1.33 billion), up 20% from a year earlier, the company said in a statement. That was above a Refinitiv consensus estimate of T$31.73 billion drawn from 12 analysts’ estimates.

Foxconn said the net profit, the second-highest on record for the third quarter, was better than its own expectations and boosted by “strong smartphone demand”.