Business
20:33, 13-Aug-2018
Foxconn posts fall in second-quarter net profit, lagging estimates
Updated
19:38, 16-Aug-2018
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The world’s top contract electronics maker and a key Apple supplier, Foxconn, unexpectedly posted a fall of about 40 percent in quarterly net profit on Monday.
Net profit for the three months to the end of June was 17.49 billion New Taiwan dollars (567.42 million US dollars), the company, which is formally known as Hon Hai Precision Industry Co, said on Monday.
That compares with 17.9 billion New Taiwan dollars in the year ago period and was below a mean estimate of 21.936 billion New Taiwan dollars from nine analysts polled by Thomson Reuters I/B/E/S.
Last month, Apple reported better-than-expected earnings, helped by sales of its pricey iPhone X. The world’s most valuable technology firm also forecast strong revenue for the autumn, when it typically launches new iPhone models.
Source(s): Reuters