Foxconn posts better-than-expected Q2 profit

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Apple supplier Foxconn posted a better-than-expected quarterly profit on Wednesday (August 12)...

As slower smartphone sales were offset by a rise in demand for telecommuting.

Profit at the Taiwanese firm, which operates as an assembler of Apple iPhones, was $778 million for the second quarter ended June.

That's up about 34% from a year before.

In May, Foxconn, which is the trading name of Hon Hai Precision Industry, had warned of low smartphone sales in Q2 due to the 'enormous' impact on demand from the global health crisis.

But the world's largest contract electronics manufacturer also said global work-from-home lifestyles would offer new growth opportunities.

While the researcher IDC said worldwide smartphone shipments fell 16% from a year before...

Analysts believe Foxconn's revenues could be helped in the coming months by Apple's new lineup of iPhones.

They are due for release in the autumn.

Taipei-based investors KGI Securities said more than 70% of new iPhones could be assembled by Foxconn.

If so, it could lead the firm back to growth in the fourth quarter.

Shares in the company closed 2% higher ahead of the results.

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