Foxconn said its fourth-quarter revenue rose 15 percent — driven by a more than 15 percent revenue increase from consumer electronics including smartphones, which accounted for 63 percent of its business in the quarter.

The company had previously forecast fourth-quarter revenue to be in a range of a decline of 3 percent and gain of 3 percent from a year earlier.

Foxconn had also said it expected revenue to grow about 10 percent in 2021 thanks to “stronger than expected” sales for smartphones, including the new iPhone 12, as well as telecommuting devices amid a coronavirus-induced work-from-home trend.

Foxconn, the world’s largest contract electronics maker, posted on Tuesday a lower fourth-quarter profit that lagged expectations despite strong iPhone 12 sales and pandemic-led demand for telecommuting devices.

The Taiwanese firm, which counts technology giants such as Apple Inc among its major clients, booked a October-December net profit of T$45.97 billion ($1.61 billion).

That represented a 4 percent decline from a year earlier, according to a company statement, and compared with the T$50.89 billion average of 11 analyst estimates compiled by Refinitiv.