Foxconn posts fall in Q1 profit, lagging estimates [Reuters]
HON HAI PRECSON S/GDR NEW (HNHPF)
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Source: Reuters
Foxconn posts fall in first-quarter profit, lagging estimates - Reuters 2 Min Read TAIPEI (Reuters) - Taiwan’s Foxconn, the world’s largest contract manufacturer, reported on Tuesday a bigger fall in quarterly profit than analysts had expected, amid waning demand for electronics from its key customers, including Apple Inc. Foxconn, formally known as Hon Hai Precision Industry Co Ltd, reported net profit of T$19.82 billion ($637.26 million) for the first three months of 2019, down 17.7% from the same period a year earlier, the company said in a statement. The result lagged the T$24.84 billion average of eight analyst estimates compiled by Refinitiv. The company did not explain what led to the worse-than-expected profit. Arthur Liao, an analyst at Fubon Research in Taipei, said ahead of the results that despite slowing Apple iPhone sales, Foxconn is set to benefit from the launch of new iPhone models, expected later this year. The prolonged downturn in global tech demand has hit profits
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