Foxconn today reported a 23% year-on-year increase in net profit in the third quarter of 2019. Foxconn’s net profit for the third quarter ended September 30 was T$30.7 billion ($1 billion), up 23 percent from T$24.88 billion a year earlier and exceeding the market average estimate of T$27.75 billion.
Foxconn, the world’s largest electronics manufacturer, generates about 50 percent of its revenue from Apple. At the end of last month, Apple just reported better-than-expected fourth-quarter results (as of September 28), driven mainly by its wearables and services businesses.
Foxconn’s outlook appeared to have improved last month after Apple’s positive forecast for performance during this year’s Christmas shopping season. Still, Foxconn faced some uncertainty in the fourth quarter.
Liu Yangwei, Foxconn’s chairman, told a shareholder meeting that foxconn’s consumer electronics and smart devices business, including smartphones and Televisions, would grow slightly in 2020 due to “stable global economic conditions”.