Foxconn expects 15 percent profit rise
 

COVID-19 pandemic spin-off

Foxconn said it expects first-quarter revenue to rise more than 15 percent from a year earlier thanks to increased demand for electronics during lockdowns worldwide to curb the COVID-19 pandemic.

Foxconn, in a short statement, said it expects consumer electronics revenue, which includes smartphones and smartwatches, to rise more than 15 percent in the January-March quarter from a year earlier. It did not elaborate.

Foxconn said it saw revenue for cloud products that include servers and revenue for computing products such as laptops to rise about ten percent in the first quarter, respectively.

Foxconn’s chairman said last month that he expects his company and its clients will face only “limited impact” from a chip shortage that has rattled the global automotive and semiconductor industries.

The company expects revenue to grow by about ten percent in 2021.

Over the past year or so it has announced several deals on the production of electric vehicles with automakers including US electric-car maker Fisker Inc, China’s Byton and Zhejiang Geely Holding Group and Stellantis NV’s Fiat Chrysler unit.

Shares in Foxconn have risen more than 20 percent so far this year.

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