CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 87.41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Scan to Download iOS&Android APP

Foxconn reports jump in quarterly profit on strong electronics goods demand

By Mensholong Lepcha

08:19, 12 August 2021

Share this article
Tags

Subscribe to Weekly Highlights

The major market events for the week ahead right in your inbox. Subscribe
Foxconn logo
Foxconn logo – Photo: Shutterstock

Taiwan’s Foxconn Technology Group on Thursday 12 August reported a year-on-year jump in quarterly profit helped by robust demand of electronic consumer goods during the pandemic.

The world’s largest electronics manufacturer said second-quarter operating income grew 45% to NT$44.23bn ($1.59bn) from a year ago.

Foxconn, formally called Hon Hai Precision Industry, reported a 20% rise in quarterly revenue to NT$1.35trn.

Foray into EV supply chain

The Taiwan-based company on 5 August acquired a semiconductor chip-making factory from Macronix International for NT$2.52bn.

The move comes as Foxconn looks to foray into supplying semiconductor chips to electric vehicle (EV) manufacturers amid a global semiconductor shortage.

BTC/USD

16,848.70 Price
-1.090% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 60.00

US100

11,518.30 Price
-0.270% 1D Chg, %
Long position overnight fee -0.0172%
Short position overnight fee 0.0062%
Overnight fee time 22:00 (UTC)
Spread 1.8

XRP/USD

0.38 Price
-2.900% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00323

Natural Gas

5.63 Price
+5.090% 1D Chg, %
Long position overnight fee 0.0388%
Short position overnight fee -0.0625%
Overnight fee time 22:00 (UTC)
Spread 0.006

“Foxconn confirmed that it will also manufacture silicon wafer products, such as MEMS, in order to achieve Foxconn’s strategic goals on development of semiconductors industry, electric vehicles, and digital health,” the company said following the acquisition.

What is your sentiment on Gold?

1771.92
Bullish
or
Bearish
Vote to see Traders sentiment!

Majority of revenue from smart consumer electronics

The Apple supplier said on Thursday that it sees demand for smart consumer electronics weakening in the third quarter.

In the second quarter, Foxconn derived about 53% of its revenue from its smart consumer electronics segment. Its cloud and networking products contributed 22% of the revenue.

Shares of Foxconn rose 0.8% to NT$63.8 on Thursday.

Trade iShares MSCI All Country Asia ex Japan ETF – AAXJ CFD

1m
5m
15m
30m
1H
4H
1D
1W

Read more: Taiwan’s Foxconn to buy m chip plant to supply EV cars

Rate this article

Share this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Latest Stocks news

Still looking for a broker you can trust?

Join the 475.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading