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Electronics manufacturer Foxconn, which makes Apple's iPhone 12 range, has reported earning over $1 billion in the first quarter of 2021, beating industry expectations.
Shortly after reporting a 44% rise in first-quarter revenues because of working from home demand, Foxconn has now announced that it made $1 billion profit over the same period.
According to Reuters, Foxconn's parent company, the Hon Hai Precision Industry Co, says January to March 2021 saw profits of $28.2 billion in Taiwanese dollars (approximately $1.011 billion). That compares to approximately $75.29 million for the same quarter in 2020.
Industry analysts had predicted that Foxconn would earn profits of around $875.2 million for the three-month period.
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