Apple supplier Foxconn posts surprise rise in quarterly profit

FILE PHOTO: Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

TAIPEI (Reuters) -Apple Inc supplier Foxconn reported on Tuesday a surprise 11% increase in third-quarter profit, boosted by strong demand for smart consumer electronics ahead of the year-end holiday shopping season in Western markets.

The Taiwanese company, the world's largest contract electronics maker, said net profit for the July-September quarter rose to T$43.1 billion ($1.3 billion) from T$38.8 billion in the same period the previous year.