Hon Hai’s Profit Misses After Apple Barely Grew iPhone Sales
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Hon Hai Precision Industry Co.’s quarterly profit missed estimates after top customer Apple Inc. sold barely enough of its iPhone X to meet Wall Street’s tempered expectations.
The sole manufacturer of Apple’s flagship device reported net income of NT$24.1 billion ($810 million) in the three months ended March, compared with the average estimate of NT$27.9 billion. It had previously posted a 5.2 percent rise in sales to about NT$1.03 trillion.