Apple Inc supplier Foxconn reported on Wednesday a 12 per cent jump in second-quarter net profit, beating market estimates, helped by strong demand for its cloud computing products.
The Taiwanese company, the world's largest contract electronics maker, said net profit for the April-June quarter rose to T$33.29 billion from T$29.78 billion a year earlier.
Eleven analysts were expecting on average a profit of T$31.02 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 0.9 per cent higher ahead of the earnings release, versus a 0.7 per cent drop in the broader market. They have risen 5.8 per cent so far this year, giving the company a market value of $50.3 billion.
Published 10 August 2022, 10:32 IST