TAIPEI, May 14 (Reuters) – Taiwan’s Foxconn (2317.TW), which assembles iPhones for Apple (AAPL.O), on Friday reported better-than-expected first-quarter profit amid the work-from-home trend spurred by the COVID-19 pandemic that has stoked demand for electronic devices.
Officially known as Hon Hai Precision Industry Co, the world’s biggest contract electronics maker said January-March net profit surged to T$28.2 billion ($1 billion) from T$2.1 billion in a pandemic-hit first quarter a year earlier, beating an average forecast of T$24.41 billion compiled from 11 analysts’ estimates by Refinitiv.
($1 = 27.9520 Taiwan dollars)
Reporting by Yimou Lee and Ben Blanchard; Editing by Kenneth Maxwell
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