Apple supplier Foxconn reported its highest first-quarter net income in eight years as the world’s largest contract electronics manufacturer is gaining market share from rivals hit hard by China’s brutal pandemic lockdowns.
The company also raised its guidance for the current quarter, saying it expects shipments of computing products, cloud products and components all to grow strongly.
“The fallout from the pandemic on logistics is sizeable. There are many variables in the market due to the pandemic, the supply chain, geopolitics and inflation,” Foxconn chair Young Liu told investors on a call on Thursday.
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