TAIPEI – Foxconn reported fourth quarter net profit of NT$46 billion (US$161.4 million), down 4% year-over-year. Revenue was up 15% compared to the fourth quarter of 2019.

Revenue increased more than 15% in the consumer electronics segment, including smartphones, which accounted for 63% of business.

Profit lagged expectations as a result of the pandemic, materials shortages, and tight global chip supplies, according to reports.

Foxconn chairman Liu Young-way expects first quarter revenue to be “better than normal” thanks to smartphones and telecommuting devices. However, the company could see issues with materials shortages in the consumer electronics supply chain going forward.

Foxconn previously said it expects revenue growth of about 10% in 2021.

Ed.: NT$1 = US$0.035

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