Foxconn posts better-than-expected second-quarter profit

Foxconn, the world’s largest contract electronics manufacturer, reported a better-than-expected quarterly profit on Wednesday, as rising telecommuting demand amid the coronavirus pandemic offset slowing smartphone sales.

Foxconn, whose clients include tech giants such as Apple, reported a net profit of T$22.9 billion ($778.54 million) for the second quarter ended June.

That was up about 34% from a year earlier according to Reuters calculations and better than a consensus estimate of T$17.95 billion drawn from 13 analysts polled by Refinitiv.