“Taiwan’s Foxconn, the world’s top contract electronics maker and an Apple supplier, posted surprisingly lower quarterly net profit on Monday, extending a downward streak to a second quarter in a row,” Reuters reports.

“The tepid results from Foxconn, formally known as Hon Hai Precision Industry Co Ltd, underline a muddy outlook for sales in a plateauing global smartphone market ahead of the traditionally busy second half of the year when new products are launched,” Reuters reports. “For the quarter ended June, Foxconn reported a net profit of T$17.49 billion ($567.25 million), versus T$17.9 billion a year ago. This was below a mean estimate of T$21.936 billion ($711.45 million) from nine analysts polled by Thomson Reuters I/B/E/S.”

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