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| 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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