Markets News

Apple supplier Foxconn posts $1.1 bln quarterly profit; beats estimates

TAIPEI, Nov 12 (Reuters) - Foxconn, the world’s largest contract electronics maker, on Thursday reported quarterly profit that beat market estimates, amid surging demand for telecommuting devices as the pandemic-induced work-from-home trend continues.

The Taiwanese firm, whose clients include technology majors such as Apple Inc, booked July-September net profit of T$30.8 billion ($1.08 billion), Reuters calculations showed based on nine-month figures.

That compared with the T$28.61 billion average of 13 analyst estimates compiled by Refinitiv.

Foxconn, formally Hon Hai Precision Industry Co Ltd, previously forecast weakness in its revenue-driving smartphone business in the quarter, but said work-from-home lifestyles being adopted worldwide would boost growth. ($1 = 28.5080 Taiwan dollars) (Reporting by Yimou Lee and Ben Blanchard; Editing by Christopher Cushing)