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Apple supplier Foxconn's Q1 profit jumps 72% y/y, misses forecasts

Reuters
·1-min read

TAIPEI, May 14 (Reuters) - Apple supplier Foxconn reported on Tuesday a 72% rise in first-quarter profit, boosted by strong demand for computer servers and coming off a low base from the period a year earlier.

The Taiwanese company, the world's largest contract electronics maker, said net profit for the January-March quarter rose to T$22.01 billion ($679 million) from T$12.8 billion in the same period the previous year.

The profit missed analysts' estimate of T$29.31 billion.

($1 = 32.4180 Taiwan dollars) (Reporting by Yimou Lee and Faith Hung; Writing by Ben Blanchard; Editing by Tom Hogue)