Apple Partner Hon Hai’s Profit Misses Despite iPhone Rebound
- Foxconn succumbed to a persistently weak Android phone market
- The smartphone industry continues to struggle with weak demand
This article is for subscribers only.
Hon Hai Precision Industry Co. reported its third consecutive quarterly profit miss, after Apple Inc.’s main assembler succumbed to a persistently weak Android phone market.
The company known as Foxconn, which makes most of Apple’s signature devices, reported net income of NT$12.8 billion ($417 million) for the first three months. That compared with the NT$29.8 billion average analysts’ estimate. Revenue rose almost 3% for the period, based on monthly sales figures.