Apple iPhone maker Foxconn profits soars to $1bn in quarter amid global Covid-19 lockdowns

Tim Cook during the Apple Event for the unveiling of the iPhone 12 Pro, which was introduced along with the iPhone 12 Pro Max by the technology company. Picture: Apple/PA Wire

Taiwan's Foxconn, which assembles iPhones for Apple, reported first-quarter profit soared past estimates amid the work-from-home boom spurred by the Covid-19 pandemic that has stoked demand for devices like smartphones and laptops.

The world's biggest contract electronics maker also said it sees growth continuing in the second quarter, expecting revenue for consumer electronics and computing products to both rise more than 15% on the year, extending first-quarter sales growth.