Source: AFP
Taiwanese tech giant Foxconn on Thursday reported a 33% jump in net profit in the final three months of 2023, marking the second straight quarter of growth for the Apple supplier.
The company — also officially known as Hon Hai Precision Industry — is the world’s largest electronics contract manufacturer and assembles devices for many companies, most notably Apple’s iPhones.
It said net profit for October-December rose to Tw$53.1 billion ($1.6 billion).
The strong numbers follow better-than-expected earnings in the third quarter thanks to rising demand ahead of the holiday season.
The boost came after two consecutive quarterly setbacks — with January-March down 56 percent and a 1 percent decline in the following three months.
Foxconn is China’s largest private sector employer, with more than one million workers across the country.
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However, the company has sought to diversify its supply chain after seeing production hit by tight Covid restrictions in China and diplomatic tensions with the United States.
It also has ambitions to move beyond electronics assembly, to enter the e-vehicle market as well as turn its investments into artificial intelligence technology.
In October Foxconn and US chip giant Nvidia said they would work together to create “artificial intelligence factories”, powerful data processing centers that will lead to the manufacture of next-generation products.
However, there may be challenges, with a recent report from Counterpoint Research saying that iPhone sales in China fell by almost a quarter in the first six weeks of 2024.
Source: AFP