Foxconn, the world’s largest electronics maker, announced lower profits in the fourth quarter of the year that came behind expectations despite strong iPhone 12 sales and increased demand for remote work devices.
The Taiwanese company, which counts tech giants like Apple among its major customers, posted a net profit from October to December of 45.97 billion Taiwan dollars (1.61 billion U.S. dollars), according to Reuters.
That is a 4% decrease from the previous year, according to the company’s statement, and compared to an average of NT $ 50.89 billion from 11 analysts compiled by Refinitiv.
Officially named Hon Hai Precision Industry Co Ltd, Foxconn revenue in the fourth quarter increased 15% over the year.
The company had previously expected fourth-quarter revenue to be in the range of a 3% decline and a 3% gain over the previous year.