Foxconn Technology Group posted a worse-than-expected 39% drop in third-quarter net profit compared with a year earlier, as its largest customer Apple Inc. grappled with iPhone X production challenges.
Taiwan-based Foxconn, known formally as Hon Hai Precision Industry Co., posted 21.0 billion New Taiwan dollars (US$695.5 million) in net profit in the three months to September, its statement showed Tuesday. That was lower than the NT$35.6 billion average estimate by analysts polled by S&P Global Market Intelligence.
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Its quarterly revenue was NT$1.1 trillion, nearly flat from a year ago.
Foxconn is the world's largest contract electronics maker, known for assembling Apple's iPhones in China. In recent months, Apple faced a series of production troubles for the iPhone X, including components essential to its new facial-recognition system.
Apple started selling the iPhone X on Nov. 3, six weeks later than the iPhone 8 and 8 Plus.
The company does not give guidance or hold earnings conferences.
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(END) Dow Jones Newswires
November 14, 2017 07:34 ET (12:34 GMT)