APPLE SUPPLIER FOXCONN INCREASED PROFIT IN THE FIRST QUARTER, BUT FELL SHORT OF FORECASTS

Profits at Foxconn, formally known as Hon Hai Precision Industry, rose sharply in the first quarter as the Taiwanese electronics giant benefited from rising demand for server technology, although it fell short of expectations.

Net profit jumped 72% to NT$22.01 billion ($680 million). But the figure was lower than Bloomberg’s forecast of NT$29.1 billion.

Much of the quarterly jump in profit came from a lower base of comparison from last year, when the company faced a pronounced decline in demand for electronics.