The group achieved a 4% higher profit than expected in the fourth quarter and jumped back to its largest customer
overcame earlier production problems for the iPhone X.
Taiwan-based Foxconn, which assembles Apple's iPhones in China, reported 71
Net income exceeded S & P Capital IQ's average estimate of $ 64.4 billion.  Quarterly sales increased 23% to $ 1.7 trillion New Taiwan dollars.
Foxconn, formally known as
Hon Hai precision industry
is the world's largest contract electronics manufacturer. In the third quarter, Foxconn's profit fell 39% from the same period last year, probably due to production difficulties for the iPhone X, which reduced the sales start to November.
Apple posted an all-time high sales in the last quarter, saying in February that the iPhone X, with a starting price of $ 1,000, increased the average retail price for iPhones by nearly 15%. For 2017, Foxconn posted a net profit of 138.7 New Taiwan Dollars, 7% less than a year ago, and revenue of $ 4.7 trillion, up 8%.
has moved to expand the company's business beyond contract manufacturing. To bolster consumer brands, a $ 866 million Foxconn unit recently purchased Belkin International Inc., a smartphone and electronic equipment manufacturer
Another Foxconn Industrial Internet Co., a manufacturer of smartphones and wireless equipment components , has recently received regulatory approval The China Securities and Exchange Commission will launch an IPO that will bring in at least 27.3 billion yuan ($ 4.3 billion) on the Shanghai Stock Exchange.
The investment company plans to invest in cloud computing, 5G technology and smart manufacturing.
Write to Yoko Kubota at [email protected]