Apple, Inc.’s iPhone assembler Hon Hai Precision Industry Co., Ltd. turned in forecast-beating results for the first quarter, defying the odds that included COVID lockdowns in China, supply challenges, input price inflation and demand slowdown.
What Happened
Hon Hai, widely known as Foxconn, reported a 5 percent increase in its first-quarter net income to NT$29.45 billion ($990 million), Nikkei Asia reported. This marked the biggest profit in eight years, the report noted.
The Taiwanese contractor also confirmed its previously-reported quarterly revenue at NT$1.4 trillion.
Despite the input cost inflation and components shortages, gross margin, as well as operating margin, expanded modestly to 6.02 percent and 2.61 percent, respectively.
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