Foxconn sees strong Q3 profit but projects Q4 revenue slump

Taiwan’s Foxconn, which assembles iPhones for Apple, reported a better-than-expected third-quarter profit on Friday.

Foxconn was helped by strong smartphone demand as people continue to work remotely through the coronavirus pandemic.

But Foxconn, the world’s largest contract electronics maker, said it expects fourth-quarter revenue in its key consumer electronics business, which includes smartphones, to slump more than 15% from a year earlier, without offering a reason.

It forecast overall revenue to fall between 3% and 15%.

Foxconn previously said it felt only a small impact from the year-long global chip shortage but had cautioned that rising COVID-19 cases in Asia could hurt its supply chain.

Third-quarter revenue rose 9% on the year, Foxconn said, reporting July-September net profit climbed 20% from a year ago to T$36.98 billion ($1.33 billion). That was above a Refinitiv consensus estimate of T$31.73 billion.


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