Apple Supplier Foxconn Posts 14.5 Percent Drop in First-Quarter Net Profit, Lags Forecasts

Apple Supplier Foxconn Posts 14.5 Percent Drop in First-Quarter Net Profit, Lags Forecasts
The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone Siu
|Updated:

TAIPEI—Taiwan’s Foxconn, the world’s largest contract electronics maker and supplier to Apple , posted a 14.5 percent fall in first-quarter net profit on Monday, lagging estimates despite a strong quarter for the U.S. iPhone maker.

Net profit for the first three months of 2018 for the company known formally as Hon Hai Precision Industry Co reached T$24.08 billion ($809 million), it said in a filing to the Taiwan stock exchange.