“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.”
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