Deals
Hon Hai's Quarterly Profit Slides as Smartphone Demand Wilts
- The Apple iPhone assembler is set to take over Japan's Sharp
- Quarterly net income fell for the first time since 2012
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Hon Hai Precision Industry Co.’s quarterly profit dropped for the first time in more than three years after the main assembler of Apple Inc.’s devices fell prey to slowing iPhone sales and intensifying competition in contract manufacturing.
The largest member of billionaire Terry Gou’s Foxconn Technology Group reported a 7 percent slide in fourth-quarter net income to NT$52.9 billion ($1.6 billion), compared with the NT$59.1 billion average of analysts’ estimates. The fall in profit was Hon Hai’s first since the second quarter of 2012 on a comparable basis, according to data compiled by Bloomberg.