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Foxconn's profits drop 14.5% YOY, missing estimates

Hon Hai Precision Industry Co. Ltd., Taiwan's contract electronics maker and a supplier to Apple Inc., saw its profits dive in the first quarter, according to a May 14 filing to the Taiwan Stock Exchange.

The company, generally known as Foxconn, posted a net profit of NT$24.18 billion in the three months ending March, marking a 14.5% fall from NT$28.17 billion a year ago and a 66.4% drop since the last quarter. The first quarter results were also lower than the average estimate of NT$28.71 billion, according to Thomson Reuters.

Meanwhile, consolidated revenue for the company rose year over year to NT$1.03 trillion in the first quarter of 2018 from NT$97.50 billion but fell by as much as 40% in quarterly terms.

Hon Hai Precision Industry did not provide any further earnings details.

The company's results come shortly after Apple reported an increase in iPhone sales during its fiscal second quarter pointing to record growth in Apple's services business, despite earlier concerns from analysts and investors over softened iPhone sales.

The latest financial results follow a recent announcement about Hon Hai Precision Industry's plans to reduce its capital and increase shareholder returns, while, in March, a unit of Hon Hai Precision Industry, Foxconn Interconnect Technology Ltd, had agreed to acquire Belkin International Inc for $866 million in cash.

As of May 14, US$1 was the equivalent of NT$29.79.