Hon Hai Sales Fall Short of Estimates After iPhone Slump
- Consumer electronics improved in March after big drops earlier
- Company anticipates revenue growing in second quarter
The Hon Hai Precision Industry Co. headquarters in New Taipei City, Taiwan.
Photographer: Lam Yik Fei/BloombergThis article is for subscribers only.
Hon Hai Precision Industry Co. missed revenue estimates in the first quarter after being dragged down by sagging iPhone sales, especially in China.
The biggest iPhone contract manufacturer, also known as Foxconn, said that its March sales were NT$447.5 billion ($14 billion), bringing first-quarter revenue to NT$1.32 trillion, down 9.6% and short of an average of analyst estimates of NT$1.39 trillion.