Apple Supplier Foxconn Third-Quarter Profit Growth Near Flat, Beats Estimates | Technology News

TAIPEI (Reuters) – Foxconn, the world’s largest contract electronics maker, reported near flat quarterly profit on Thursday, beating market estimates amid firm demand for telecommuting devices as the pandemic-induced work-from-home trend continues.

The Taiwanese company, 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. Profit growth was nearly flat versus the T$30.7 billion of the same period a year prior.

Chief Financial Officer David Huang told an investor conference that third-quarter revenue fell 7% due to clients delaying product launches.

Still, Chairman Liu Young-way said Foxconn saw “stronger than expected” demand for both smartphones and servers, with strong shipments of Apple’s new iPhone 12 supporting revenue.

Foxconn, formally Hon Hai Precision Industry Co Ltd, said it expected revenue to rise

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