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Apple supplier Foxconn’s Q1 profit up 5%, in line with market view By Reuters 

© Reuters. A shovel and FoxConn logo are seen before the arrival of U.S. President Donald Trump as he participates in the Foxconn Technology Group groundbreaking ceremony for its LCD manufacturing campus, in Mount Pleasant, Wisconsin, U.S., June 28, 2018. REUTERS/D

TAIPEI (Reuters) – Apple Inc (NASDAQ:) supplier Foxconn reported a 5% rise in first-quarter net profit, largely in line with estimates, as chip shortages, supply chain issues and slow spending for electronics amid COVID-19 lockdowns in China curbed demand.

The Taiwanese company, the world’s largest contract electronics maker, said net profit for the January-March quarter rose to T$29.45 billion ($985.48 million) from T$28.2 billion a year earlier.

Twelve analysts were expecting on average a profit of T$29.76 billion, according to Refinitiv.

The company, like other global manufacturers, has grappled with a severe shortage of chips that has squeezed smartphone production, and more recently a downturn in major markets amid high inflation and the war in Ukraine.

Foxconn shares closed 1% lower ahead of the earnings release, versus a 2.4% drop in the broader market. They have fallen 2% so far this year, giving the company a market value of $48.1 billion.

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