Hon Hai beats estimates as Apple forecasts record quarter

“Hon Hai Precision Industry Co. posted profit that beat analyst estimates as the iPhone assembler benefited from improved efficiency and demand for Apple Inc. devices,” Tim Culpan reports for Bloomberg.

“Third-quarter net income climbed 11 percent to NT$37.9 billion ($1.2 billion), it said in an exchange statement Monday, beating the NT$34.8 billion average of estimates,” Culpan reports. “Hon Hai, the largest member of billionaire Terry Gou’s Foxconn Technology Group, gets half its revenue from Apple, which released an update to its iPhone during the period.”

“Revenue growth of 12 percent was Hon Hai’s strongest for the peak third-quarter period in five years, as Apple forecast record December-quarter sales in a reflection of enduring demand for its top-selling product,” Culpan reports. “Revenue, reported last month, climbed to NT$1.07 trillion beating the NT$1.02 trillion average of estimates at the time.”

Full article here.

MacDailyNews Take: Will Mr. Market continue wiping his feet on AAPL?

7 Comments

  1. “Will Mr. Market continue wiping his feet on AAPL?”

    If the past means anything, then the answer is yes. There is no logic involved in the process any longer.

  2. More fodder for the brokers to get their clients to churn the stock.

    Thursday there will be another report saying that “channel checks” show that Apple will sell only 1000 iPhones in the Christmas quarter, well below market estimates of 875 million.

  3. UBS already dropped share price estimates on Apple from $150 to $140. Not that it matters because Apple was already heading towards lower numbers. It’s pretty much what I expected for the rest of the year. Happy holidays for Apple shareholders.

  4. Apple relies on Chinese manufacturer and there are too many Chinese buying the Apple Watch or not enough or something. AAPL plunges on news of Chinese population demanding quality, Cachet or something.

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