Foxconn’s first-quarter net profit increased 11 times YoY, thanks to rising Apple iPhone demand

Foxconn released its financial report for the first quarter of 2021. Revenue increased by 45% year-on-year, and net profit increased from NT$2.1 billion in the same period last year to NT$28.2 billion ( About 1 billion U.S. dollars).

Affected by the epidemic, Foxconn’s net profit in the first quarter of last year was only NT$2.08 billion. But with the economic recovery, Foxconn’s net profit in the first quarter of this year reached 28.16 billion Taiwan dollars, higher than the 24.41 billion Taiwan dollars expected by analysts.

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Revenue in the first quarter was NT$1.34 trillion, an increase of 45% from the same period last year. This is Foxconn’s highest revenue in the first quarter in its history, an increase of 28% over the same period in 2019.

Obviously, Foxconn’s strong profit rebound in the first quarter is consistent with the unexpected recovery of the global smartphone industry this year. IDC data shows that global smartphone shipments in the first quarter increased by 25.5% year-on-year, 11% higher than the first quarter of 2019 (before the epidemic).

Foxconn expects that revenue in the second quarter of this year will increase by 15% year-on-year because the work-from-home boom triggered by the epidemic will continue for some time, which will boost consumer demand for consumer devices such as iPhones. This year, Foxconn’s stock price has risen 14%. Today’s close rose 1.5%, while the broader market rose 1%.


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