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Tuesday, April 20, 2021

Apple supplier Foxconn cuts fourth quarter profits

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TAIPEI – Foxconn, the world’s largest contract electronics maker, reported lower fourth-quarter profit on Tuesday that fell short of expectations despite strong iPhone 12 sales and demand for telecommuting devices due to a pandemic.

The Taiwanese firm, which counts tech giants like Apple Inc. among its main customers, reported October-December net profit of TUS $ 45.97 billion (US $ 1.61 billion).

That’s a 4% drop from the previous year, according to a company statement, and compared to the $ 50.89 billion TUS average of 11 analyst estimates compiled by Refinitiv.

Formally known as Hon Hai Precision Industry Co Ltd, Foxconn’s fourth quarter sales increased 15% year-on-year.

The company had previously forecast fourth quarter revenue to be in a range of 3% decline and 3% gain from the previous year.

(Reporting by Yimou Lee and Ben Blanchard; Editing by Muralikumar Anantharaman)

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