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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.