By Kosaku Narioka

Foxconn Technology Group said Wednesday that its second-quarter net profit jumped 34%, recovering from the first quarter that was hit hard by the Covid-19 pandemic.

The Taiwanese electronics maker, formally known as Hon Hai Precision Industry Co., said net profit rose to 22.88 billion New Taiwan dollars (US$778.0 million) from NT$17.05 billion a year earlier. That beat the estimate of NT$17.72 billion from a FactSet poll of analysts.

Second-quarter revenue declined 2.7% to NT$1.128 trillion.

In the first quarter, Foxconn's net profit fell 90% to NT$2.08 billion as it shut down plants in China for weeks amid the pandemic.

At its earnings conference in May, Foxconn Chairman Young-way Liu said the April-June revenue was expected to fall by a single-digit percentage as demand for consumer products including smartphones was likely to decline.

Foxconn said earlier this month its revenue in July rose 1.3% to NT$403.33 billion. 



  Write to Kosaku Narioka at kosaku.narioka@wsj.com