Foxconn posts fall in second-quarter net profit, lagging estimates
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.
FILE PHOTO: 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
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