Foxconn fared better than it predicted during Q2, with annual declines in overall and consumer unit revenue more muted than executives feared as Covid-19 (coronavirus) lockdowns spurred demand for devices.
The company recorded sequential growth in revenue at its consumer unit, albeit the division did not escape the pandemic completely unscathed with sales down year-on-year. And Foxconn conceded the figure would likely be down again in the current quarter.
Foxconn’s other product groups, enterprise; computing; and components, all made annual revenue gains during Q2: the manufacturer was bullish on further increases being recorded during the current quarter for all but its components unit.
Net profit in Q2 increased 34.2 per cent year-on-year to TWD22.9 billion ($779.3 million), while revenue dipped 2.7 per cent to TWD1.13 trillion.
The revenue decline is in line with a prediction for a single-digit drop made by Foxconn chairman Liu Young after an opening quarter when it recorded net profit 89 per cent lower and revenue 12 per cent down on Q1 2019.Subscribe to our daily newsletter Back