Foxconn, the world’s largest contract electronics manufacturer and Apple’s largest manufacturing partner, today released its fourth-quarter report. And although revenue in annual terms increased by 15%, its net profit decreased, being 10% below the average forecast of analysts.

High demand for Apple iPhone smartphones did not help Foxconn

More specifically, despite strong iPhone 12 sales and increased demand for teleworking devices due to the pandemic, the Taiwanese company generated a net income of $ 1.61 billion. This is 4% less than in the fourth quarter of 2019.

Foxconn projects revenue growth of about 10% for the current year.

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