Foxconn's quarterly profit slides 39 percent amid shipment woes

TAIPEI (Reuters) - Taiwan's Foxconn <2317.TW>, the world's largest contract electronics manufacturer and a major Apple supplier <AAPL.O>, posted a 39 percent drop in third-quarter earnings due to later-than-expected product shipments.

The iPhone X, Apple's highly anticipated smartphone product, went on sale on Nov. 3, after facing a string of production issues centered on new technologies and features on the device.

Foxconn, formally known as Hon Hai Precision Industry Co, said third-quarter earnings came in at T$21.03 billion ($698 million), compared with T$34.64 billion a year earlier, while revenue for the quarter was flat.

(Reporting By Jess Macy Yu; Editing by Richard Pullin)

11/14/2017 19:46

News, Photo and Web Search