Apple Supplier Foxconn’s Q3 Profit Up 23%, Beats Forecast

Taiwan’s Foxconn 2317.TW posted a 23% rise in quarterly profit on Wednesday, as its biggest customer Apple Inc AAPL.O reported better-than-expected earnings thanks to solid sales of mobile devices such as wearables.

Foxconn, the world’s largest contract electronics manufacturer, reported net profit of T$30.7 billion ($1.0 billion) for the July-September quarter, versus an average forecast of T$27.75 billion by 12 analysts compiled by Refinitiv.

The company did not elaborate on the profit rise from T$24.88 billion a year earlier.―Nasdaq