Foxconn reports a drop in profit in the second quarter.
Net income for the three months ending in June was 17,49 billion New Taiwan dollars ($567,42 million), the company, formerly known as Hon Hai Precision Industry, said on Monday.
(Reuters)- Taiwanese company Foxconn, the world's largest contract electronics manufacturer and a major supplier to Apple, reported an unexpected 2,3 percent drop in quarterly net profit on Monday.
Net income for the three months ending in June was 17,49 billion New Taiwan dollars ($567,42 million), the company, formerly known as Hon Hai Precision Industry, said on Monday.
This compares with 17,9 billion new Taiwan dollars in the same period last year and was below the average estimate of 21,936 billion new Taiwan dollars from 9 analysts polled by Thomson Reuters I/B/E/S.
Last month, Apple reported higher-than-expected profits, helped by sales of its expensive iPhone X. The world's most valuable technology company also forecasts strong revenue for the fall, when it typically launches new iPhone models.
By Meg Shen in Hong Kong