Apple iPhone supplier and assembly partner Foxconn has warned that the global chip shortage is likely to last longer than the industry previously expected.
Foxconn’s Q2 2021 earnings report saw the company beat estimates. However, the company said it was having to “wait and see” whether chip shortages and coronavirus outbreaks will have an impact.
Foxconn’s Q3 earnings showed a 20% rise in profits year-over-year, reports Reuters. Net profit for Q3 was $1.33 billion, ahead of average analyst estimates of $1.14 billion.
“If not for supply shortages prospects for the fourth quarter [it] could have been better,” said chairman Liu Young-way in the firm’s earnings call. “Regarding next year’s prospects, we will be relatively cautious in our outlook.”
The company says it expects to begin showing revenue from its electronic vehicle (EV) business, starting in Q3 2022.