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Foxconn posts fall in
second-quarter net profit, lagging estimates
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[August 13, 2018]
TAIPEI (Reuters) - Taiwan's
Foxconn, the world's top contract electronics maker and
a key Apple supplier unexpectedly posted a fall of about
40 percent in quarterly net profit on Monday. |
A shovel and FoxConn logo are seen before the arrival of
U.S. President Donald Trump as he participates in the
Foxconn Technology Group groundbreaking ceremony for its
LCD manufacturing campus, in Mount Pleasant, Wisconsin,
U.S., June 28, 2018. REUTERS/Darren Hauck/File Photo |
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Net profit for the three months to the end of June was T$17.49
billion ($567.42 million), the company, which is formally known
as Hon Hai Precision Industry Co, said on Monday.
That compares with T$17.9 billion in the year ago period and was
below a mean estimate of T$21.936 billion from 9 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.
(Reporting by Meg Shen in Hong Kong; Writing by Jess Macy Yu;
Editing by Himani Sarkar and Kirsten Donovan)
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