Apple supplier Foxconn’s Q3 profit beats estimates

People wear masks to protect themselves from the coronavirus disease (COVID-19) while listening to the annual general meeting at the lobby of Foxconn’s office in Taipei, Taiwan, June 23, 2020. REUTERS/Ann Wang

TAIPEI, Nov 12 (Reuters) – Taiwan’s Foxconn (2317.TW), which assembles iPhones for Apple (AAPL.O), reported a better-than-expected third-quarter profit on Friday, helped by strong demand for consumer electronics as people work remotely through the coronavirus pandemic.

Foxconn, the world’s largest contract electronics maker, reported July-September net profit of T$36.98 billion ($1.33 billion), up 20% from the same period a year earlier, the company said in a statement.

This was above a Refinitiv consensus estimate of T$31.73 billion, drawn from 12 analysts’ forecasts.

($1 = 27.8280 Taiwan dollars)

Reporting by Yimou Lee and Sarah Wu; Editing by Kenneth Maxwell

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