By Kosaku Narioka
Foxconn Technology Group said Thursday that third-quarter net profit rose 4.8% from a year earlier, thanks to higher revenue from various business lines.
The Taiwanese electronics maker, formally known as Hon Hai Precision Industry Co., said net profit rose to 38.76 billion new Taiwan dollars (US$1.21 billion) from NT$36.98 billion a year earlier. That missed the estimate of NT$41.05 billion from a poll of analysts by S&P Global Market Intelligence.
Third-quarter revenue increased 24% to NT$1.747 trillion, thanks to new product launches in the consumer electronics and computing products businesses and strong server demand in the cloud and networking segment.
The electronics maker, known for assembling Apple’s iPhones, said operating-profit margin improved to 2.78% in the third quarter from 2.57% a year earlier.
Foxconn said the fourth-quarter outlook is likely better for its consumer electronics, computing products and components businesses, compared with the third quarter, but the outlook is likely worse for its cloud and networking segment.
Foxconn said Monday that revenue in October rose 41% from a year earlier to NT$776.58 billion, boosted by the launch of new products and strong demand in the server market.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
This post was originally published on Market Watch
