Electronics manufacturer Foxconn recorded net profit gains in the first quarter of 2021. The company has a 45 percent increase in sales spurred by smartphone demand.
Chairman Liu Young-way used earnings call to state Foxconn expects further growth in the current quarter on continued global demand for smartphones. The company forecast growth in its smart consumer electronics and component businesses, but expects weakness in cloud and networking, and computing units.
Net profit grew from TWD2.1 billion ($75.1 million) in 1Q20 to TWD28.2 billion in the recent period, albeit the prior year’s figure was heavily impacted by COVID-19. Revenue of TWD1.4 trillion was a record for a Foxconn first quarter, and the company predicts a slowdown in growth in the current period. Q1 capex was up 56.4 percent to TWD18.3 billion.
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