Foxconn has reported a net profit of T$22.9 billion for the quarter ended June 2020. As per Reuters estimates, Foxconn’s net profits have increased by 34 per cent on year on year basis.

This growth has been attributed to rising telecommuting demand which more than offset the slowing smartphone sales been faced by smartphone manufacturers amidst COVID-19 pandemic.

Foxconn’s quarterly profits are better than what had been predicted by analysts earlier.  As per a recent analyst poll by Refinitiv, Foxconn’s net profit was predicted to be T$17.95 billion.