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Apple supplier Foxconn’s Q1 profit up 5%

Apple Inc supplier Foxconn reported a 5 per cent rise in first-quarter net profit, largely in line with estimates, as chip shortages, supply chain issues and slow spending for electronics amid Covid-19 lockdowns in China curbed demand.

The Taiwanese company, the world’s largest contract electronics maker, said net profit for the January-March quarter rose to T$29.45 billion ($985.48 million) from T$28.2 billion a year earlier.

Twelve analysts were expecting on average a profit of T$29.76 billion, according to Refinitiv.

The company, like other global manufacturers, has grappled with a severe shortage of chips that has squeezed smartphone production, and more recently a downturn in major markets amid high inflation and the war in Ukraine.

Foxconn shares closed 1 per cent lower ahead of the earnings release, versus a 2.4 per cent drop in the broader market. They have fallen 2 per cent so far this year, giving the company a market value of $48.1 billion. Deccan Herald

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