Apple supplier Foxconn posts 18.3 percent rise in third-quarter profit, lagging estimates

Technology

Terry Gou, founder and chairman of Foxconn, attends a forum on industrial internet at the fifth World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 8, 2018. REUTERS/Jason Lee

TAIPEI (Reuters) – Taiwan’s Foxconn, the world’s top contract electronics maker and a key Apple supplier, posted an 18.3 percent rise in third-quarter net profit on Tuesday.

Net profit for the three months ended September was T$24.88 billion ($805.52 million), said Foxconn, formally known as Hon Hai Precision Industry Co.

This was below a mean estimate of T$28.26 billion from nine analysts, according to I/B/E/S data from Refinitiv.Shares in Foxconn and other Asian suppliers and assemblers for Apple fell on Tuesday after several component makers warned of weaker than expected results, leading some market watchers to call the peak for iPhones in several key markets.

($1 = 30.8870 Taiwan dollars)

Reporting by Jess Macy Yu and Meg Shen; Editing by Adrian Croft

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