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Taiwan’s Foxconn reports NT$43.1 billion net profits for Q3

Revenue for third quarter reached NT$1.54 trillion

Foxconn building. (Reuters photo)

Foxconn building. (Reuters photo)

TAIPEI (Taiwan News) — Foxconn Technology Group on Tuesday (Nov. 14) released its third quarter financial results and reported NT$43.1 billion (US$1.35 billion) in net profit.

Its net profit was up 31% from the second quarter and up 11% from a year earlier. Revenue for the third quarter reached NT$1.54 trillion, a quarterly increase of 18%, but a 12% drop year-over-year.

Gross profit hit NT$102.8 billion, up 23% from the previous quarter, but down 5% compared to a year earlier. The company’s operating profit was NT$46.2 billion, representing a 49% increase from the previous quarter, but a 5% decline from a year earlier.

Meanwhile, revenue for the first three quarters reached NT$4.31 trillion, a year-over-year decline of 8%. Net profit for that same period was NT$89 billion, representing a 12% decline from a year prior.

Foxconn said operations in the fourth quarter are expected to continue to ramp up and forecast quarter-on-quarter growth. Looking ahead to next year, the company said it needs to keep an eye on monetary policy, inflation, and the political and economic situation, adding that it holds a “neutral view” for 2024.