TAIPEI (Reuters) – Taiwan’s Foxconn (2317.TW), the world’s largest contract electronics manufacturer and a major Apple supplier (AAPL.O), posted a 39 percent drop in third-quarter earnings due to later-than-expected product shipments.
The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company’s headquarters in New Taipei City, Taiwan June 12, 2017. REUTERS/Eason Lam
The iPhone X, Apple’s highly anticipated smartphone product, went on sale on Nov. 3, after facing a string of production issues centered on new technologies and features on the device.
Foxconn, formally known as Hon Hai Precision Industry Co, said third-quarter earnings came in at T$21.03 billion ($698 million), compared with T$34.64 billion a year earlier, while revenue for the quarter was flat.
Reporting By Jess Macy Yu; Editing by Richard Pullin