Apple supplier Foxconn beats expectations with Q2 profits

Taipei, Aug 12 (IANS) Major Apple supplier Foxconn, also known as Hon Hai Precision Industry, on Wednesday reported better-than expected results for the second quarter of this year on the back of strong server and computing business amid the pandemic.

Despite a slump in the sales of smartphones due to the pandemic-related restrictions, the Taiwanese electronics manufacturer posted net profit of $778.54 million in Q2, a growth of 34 per cent from a year ago period.

The results reflect a massive turnaround for the world’s largest contract electronics manufacturer which posted nearly 90 per cent drop in profit in the first quarter of the year, MacRumors reported.

The expected launch of a new line up of iPhones in the autumn is likely to boost Foxconn’s revenue in the coming months.

The company has reportedly already started its annual recruitment drive for factory workers to produce the next-generation iPhone devices ahead of their launch.

Foxconn’s main production facility in Zhengzhou has put out the call for candidates for roles in its assembly lines and the company is also said to be offering up to a 9,000 yuan bonus for those who are recruited, reported AppleInsider.

–IANS

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