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Foxconn reports jump in quarterly profit on strong electronics goods demand

By Mensholong Lepcha

08:19, 12 August 2021

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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.


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“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.

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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.

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

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