Apple Supplier Foxconn Posts $778.5 Million Profit in Q2 2020 Amid Covid-19 Disruption

Major Apple supplier Foxconn, also known as Hon Hai Precision Industry, on Wednesday reported better-than-expected results for the second quarter of this year on the back of strong server and computing business amid the pandemic. Despite a slump in the sales of smartphones due to the pandemic-related restrictions, the Taiwanese electronics manufacturer posted net profit of $778.54 million in Q2, a growth of 34 per cent from a year-ago period.

The results reflect a massive turnaround for the world’s largest contract electronics manufacturer which posted nearly 90 per cent drop in profit in the first quarter of the year, MacRumors reported. The expected launch of a new line up of iPhones in the autumn is likely to boost Foxconn’s revenue in the coming months.