“Hon Hai Precision Industry Co Ltd, the main producer of Apple Inc’s iPhones and iPads, posted second-quarter sales that beat analysts’ expectations as the Taiwanese company diversified from contract manufacturing,” Reuters reports.
“The world’s No.1 electronics contract maker is reducing its reliance on Apple, whose growth is ebbing in the face of fierce competition from Samsung Electronics Co Ltd. Hon Hai is now turning its focus to businesses ranging from software development to e-commerce,” Reuters reports. “In the second quarter, Hon Hai sales totalled T$896.87 billion ($29.81 billion), up 0.6 percent from a year earlier, and 10.9 percent higher than the previous quarter. That surpassed the average T$848.78 billion forecast in a poll of 14 analysts by Thomson Reuters I/B/E/S.”
Reuters reports, “Hon Hai draws an estimated 60 percent of its revenue assembling Apple’s iPhones and iPads, among other contract work it does for the California-based company.”
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