Deals
Hon Hai Falls After Revealing Profit Slump on Phone Slowdown
- Third straight earnings fall for Apple’s main iPhone assembler
- Taiwanese company has won Chinese approval for Sharp takeover
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Hon Hai Precision Industry Co. fell the most in almost a year after reporting its third straight quarterly earnings decline, as a global slowdown in smartphone demand hurt the main assembler of Apple Inc.’s devices.
The stock dropped 3.7 percent, the greatest decline since Aug. 2015. Net income slumped 31 percent to NT$17.7 billion ($565 million) in the three months ended June, lagging the NT$24.6 billion that analysts had expected.