Major Apple iPhone supplier Foxconn has cautioned that the global chip shortage is likely to continue for longer than previously expected.
Now in announcing its Q3 earnings, the company reported a 20% rise in profits, year on year, according to Reuters.
"If not for supply shortages prospects for the fourth quarter [it] could have been better," said chairman Liu Young-way in the firm's earnings call. "Regarding next year's prospects, we will be relatively cautious in our outlook."
Net profit for Q3 was $1.33 billion, ahead of average analyst estimates of $1.14 billion.
The company said that it expects to see revenue from its electronic vehicle (EV) business, starting in Q3 2022. It recently acquired its first US EV factory.