TAIPEI -- Foxconn today reported fourth quarter net profits grew 30% year-over-year to T$68.8 billion ($2.26 billion), beating consensus estimates.

Net income from the period ended Dec. 31 was up for the first time in a year, and topped the consensus analyst forecast of T$48.78 billion.

As previously reported by CIRCUITS ASSEMBLY, Foxconn's revenue was down 2.8% last year.

For the year, Foxconn's net income was T$148.7 billion, up 1.2% from 2015. The world's largest EMS/ODM, according to the CIRCUITS ASSEMBLY Directory of EMS Companies, has struggled to absorb the money-losing Sharp Corp., which it acquired last year.

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