Monday, August 13, 2018

Foxconn Posts Unexpected Drop in Profit

Foxconn, known formally as Hon Hai Precision Industry, is the world’s largest contract electronics maker, and is best known for assembling Apple’s iPhones. Photo: tyrone siu/Reuter



BEIJING— Foxconn Technology 2354 -2.32% Group posted a surprise 2.2% decline in second-quarter profit, even after its biggest customer Apple Inc. said recent demand for iPhones remained resilient.

Taiwan-based Foxconn said Monday that its net profit for the quarter ended June 30 was 17.5 billion New Taiwan dollars ($566.7 million). That compared with the NT$20.2 billion average estimate of analysts polled by S&P Capital IQ. Its net profit in the year-earlier quarter was NT$17.9 billion.

Revenue for the quarter rose 17% to NT$1.08 trillion from the previous year’s NT$922.4 billion.

Foxconn, known formally as Hon Hai Precision Industry Co. 2317 -2.44% , is the world’s largest contract electronics maker, and is best known for assembling Apple’s iPhones. Last year, Foxconn relied on Apple for about 54% of its revenue, according to Arthur Liao, an analyst at Fubon Research.

Foxconn doesn’t hold earnings calls or briefings.
 
Write to Yoko Kubota at yoko.kubota@wsj.com

From:  https://www.wsj.com/articles/foxconn-posts-unexpected-drop-in-profit-1534163275

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