Apple supplier Foxconn's first-quarter profit jumps 72% but misses forecasts

A woman walks past the logo of Foxconn outside a company's building, in New Taipe City, Taiwan December 22, 2022. REUTERS/Annabelle Chih/File Photo

TAIPEI: Apple supplier Foxconn reported a 72% rise in first-quarter profit, boosted by strong demand for AI servers and coming off a low base from the period a year earlier, but the growth was lower than expected.

The Taiwanese company, the world's largest contract electronics maker, said net profit for the January-March quarter rose to T$22.01 billion ($679 million) from T$12.8 billion in the same period the previous year, when earnings were hit by a T$17.3 billion writedown related to its 34% stake in Japanese electronics maker Sharp Corp.