Taiwan`s Foxconn, the world`s largest contract electronics maker and a key Apple supplier, 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.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

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), the company said in a filing to the Taiwan stock exchange.

That was down 14.5 percent from T$28.168 billion a year earlier, according to Reuters` calculations. The first-quarter result was also lower than an average estimate of T$28.71 billion from nine analysts, Thomson Reuters data showed.

In May Apple reported resilient iPhone sales in quarterly results that topped Wall Street forecasts.