Foxconn profits lower than expected, material shortages & supply chain delays to blame

Apple contracting partner Foxconn saw a 4% decline in 2020's fourth quarter year-over-year, citing the widespread issues caused by the coronavirus pandemic as the primary reason.

The global pandemic continues to eat into Foxconn's profit in 2020's fourth quarter, with the company seeing a net profit of T$45.97 billion — $1.61 billion — down from 2019's estimated profit of T$50.89 billion.Despite the loss in profits year-over-year, Foxconn saw a 15% increase in earnings on the year, thanks to strong smartphone sales. According to Foxconn, consumer electronics account for 63% of its business in the October-December quarter.

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