Hon Hai's profit falls most since 2008

Business Standard - - WORLD - BLOOMBERG

Hon Hai Pre­ci­sion In­dus­try posted its big­gest earn­ings de­cline in al­most nine years as tech­ni­cal hic­cups dis­rupted pro­duc­tion of Ap­ple’s 10th-an­niver­sary iPhone. Ap­ple’s main de­vice-as­sem­bler re­ported a 39 per cent de­cline in net in­come to NT$21 bil­lion ($696 mil­lion) in the three months ended Septem­ber, lag­ging the NT$37.2 bil­lion pro­jected. That was the largest fall in profit since the fi­nal quar­ter of 2008 for the Tai­wanese com­pany, which gets more than half its busi­ness from Ap­ple. Ap­ple’s de­ci­sion to adopt tech­ni­cally de­mand­ing fa­cial-scan­ning sen­sors for the iPhone X ini­tially stymied some sup­pli­ers and held back Hon Hai’s busi­ness in turn.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.