Foxconn posts fall in Q2 net profit, lagging estimates

[TAIPEI] Taiwan's Foxconn, the world's top contract electronics maker and a key Apple supplier unexpectedly posted a fall of about 40 per cent in quarterly net profit on Monday.

Net profit for the three months to the end of June was NT$17.49 billion (S$780.57 million), the company, which is formally known as Hon Hai Precision Industry Co, said on Monday.

That compares with NT$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.

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.

REUTERS