Taiwan's Foxconn said its first-quarter profit jumped 13-fold amid the work-from-home trend spurred by the Covid-19 pandemic that has stoked demand for devices like smartphones and laptops.

Foxconn assembles iPhones for Apple.

Officially known as Hon Hai Precision Industry Co, the world's biggest contract electronics maker said January-March net profit grew to T$28.2 billion ($1 billion) from T$2.1 billion a year earlier.

That was well above an average forecast of T$24.41 billion compiled from 11 analysts' estimates by Refinitiv.

In a brief earnings statement, Foxconn did not explain the source of the profit growth.

First-quarter profit rose more than 13 fold from a low base a year earlier, according to Reuters calculations, when the company's business was badly hit by the early outbreak of the Covid-19 pandemic.