HNHAF - Apple assembler Foxconn tops Q1 profit estiamtes on smartphone computing strength

Foxconn, officially known as Hon Hai Precision (HNHAF), tops Q1 profit estimates with T$28.2 billion ($1 billion) versus the T$24.41 billion consensus.Revenue hit a new Q1 record at T$1.34 trillion, up 45% compared to last year's pandemic-impacted quarter.Consumer electronics sales were up more than 15% on the year and computing products, driven by the continuing work and study from home trends, also posted an over 15% gain.Foxconn expects revenue to increase 15% in Q2. But the company warns it might miss its gross margin target of 7% for the year. On the earnings call, CEO Liu said the company is "currently more focused on increasing earnings per share" than on gross margins.Foxconn reports earnings during as the global semiconductor shortage spreads into consumer electronics and soaring COVID-19 cases in India impact the company's local manufacturing.The earnings report also comes as Foxconn moves into new business segments, including electric vehicles. Earlier, Foxconn and

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Apple assembler Foxconn tops Q1 profit estiamtes on smartphone, computing strength