Foxconn Industrial Internet revenue up in H1

SHANGHAI - Tech giant Foxconn Industrial Internet Co saw 7.24 percent revenue growth in the first half of 2019, with steady growth in sectors of cloud service equipment, precision tools and industrial robots.

Combined revenue reached 170.51 billion yuan ($24.3 billion) in H1, the company said in an unaudited report filed to the Shanghai Stock Exchange.

Revenue from the telecom equipment business rose 1.65 percent, revenue from cloud service equipment sector grew 15.08 percent, and that from the precision tools and industrial robots gained 15.22 percent, it said.

During the period, net profit rose 0.62 percent year-on-year to 5.48 billion yuan.

The company has stepped up spending on research and development. Its R&D spending jumped 18.66 percent year-on-year in H1, with that on cloud network equipment and industrial internet surging 49.94 percent.

Foxconn Industrial Internet was listed on the Shanghai bourse in June 2018.