Taiwan’s Foxconn, which assembles iPhones for Apple, reported first-quarter revenue soared previous estimates amid the work-from-home growth spurred by the COVID-19 pandemic that has stoked demand for units like smartphones and laptops.

The world’s greatest contract electronics maker additionally mentioned it sees progress persevering with within the second quarter, anticipating income for shopper electronics and computing merchandise to each rises greater than 15 p.c on the 12 months, extending first-quarter gross sales progress.

Officially often known as Hon Hai Precision Industry Co, the agency’s January-March internet revenue rocketed to T$28.2 billion ($1 billion) from T$2.1 billion a 12 months earlier, when the corporate’s enterprise was badly hit by the early outbreak of the COVID-19 pandemic. The consequence, a 13-fold bounce, was nicely above a median forecast of T$24.41 billion compiled from 11 analysts’ estimates by Refinitiv.

Foxconn mentioned gross sales from its main income contributor – shopper electronics together with smartphones and wearable units – climbed greater than 15 p.c within the first quarter from a 12 months earlier, whereas computing merchandise equivalent to laptops additionally rose greater than 15 p.c.

First-quarter income rose 45 p.c from a 12 months earlier to T$1.34 trillion, the corporate mentioned. The firm had beforehand anticipated first-quarter income to be “better than normal” for the season because of sturdy gross sales of smartphones and telecommuting units

Foxconn, nonetheless, has mentioned it was carefully monitoring “materials shortages” within the shopper electronics provide chain, amid a crunch in semiconductor provides that has hit the auto business, although described the impression as “limited”

It assembles iPhones at vegetation in China and India, the latter now ravaged by the unfold of the coronavirus

Foxconn’s shares have risen 14 p.c this 12 months. They ended up 1.5 p.c on Friday, in contrast with a 1 p.c rise for the broader market.($1 = 27.9500 Taiwan {dollars})

© Thomson Reuters 2021