IPhone Maker Hon Hai’s Profit Beats Estimates Despite Covid Lockdowns

The world’s largest contract electronics manufacturer said Thursday it expects revenue to remain little changed this quarter

(Bloomberg) — Hon Hai Precision Industry Co., the maker of most of the world’s Apple iPhones, posted earnings that beat estimates after keeping production running despite component shortages and strict pandemic controls across China.

Apple Inc.’s biggest assembly partner, based in Taiwan, reported net income of NT$29.5 billion ($989 million) for the quarter through March, outpacing the average projection of NT$28.5 billion. Revenue totaled NT$1.41 trillion, Hon Hai reported previously.