“Taiwanese manufacturer Foxconn reported a smaller than expected fall in quarterly profit, despite warning signs from key customers including Apple Inc that demand for tech electronics is softening,” Reuters reports.
“Foxconn, formally known as Hon Hai Precision Industry Co Ltd, reported net profit of T$62.61 billion ($2.03 billion) for the final three months of 2018 on Friday. That was 12.6 percent below the year-earlier results, the company said in a statement,” Reuters reports. “The result beat a mean estimate of T$36.64 billion ($1.19 billion) from eight analysts, according to I/B/E/S data from Refinitiv.”
“A company official said on Friday that the better-than-expected profit was driven by revenue growth. He did not elaborate,” Reuters reports. “Lewis Liao, an analyst at Fubon Research in Taipei, said ahead of the results that investors are now looking to a possible recovery of iPhone sales in the second half, which could boost profits for Taiwanese manufacturers including Foxconn.”
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MacDailyNews Take: As per “softening” in relation to iPhone sales: Apple sold 217.72 million iPhones in 2018, up from 216.76 million in 2017, and up from 211.88 million in 2016.