IPhone Maker Hon Hai’s Profit Beats Despite China Lockdowns
- Net income tops estimates thanks to robust iPhone demand
- Apple’s most important partner navigates logistics, shortages
Apple suppliers operating in China are struggling with prolonged component shortages.
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Hon Hai Precision Industry Co., the maker of most of the world’s iPhones, posted earnings ahead of estimates after keeping production running despite component shortages and strict pandemic controls across China.
Apple Inc.’s biggest assembly partner reported net income of NT$29.5 billion ($989 million) for the quarter through March, outpacing the average projection for NT$28.5 billion. Revenue totaled NT$1.41 trillion, Hon Hai reported previously.