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Foxconn profit as iPhone production shines fade



Beijing-

Foxconn technology


2354 2.43%

The group achieved a 4% higher profit than expected in the fourth quarter and jumped back to its largest customer

Apple
Inc.


AAPL 0.78%

overcame earlier production problems for the iPhone X.

Taiwan-based Foxconn, which assembles Apple's iPhones in China, reported 71

.7 billion new Taiwanese dollars (2.5 billion US dollars)) in a profit for the quarter ended December 31, compared with 68.8 billion New Taiwan dollars in the same period a year ago.

Net income exceeded S & P Capital IQ's average estimate of $ 64.4 billion. [19659008] Quarterly sales increased 23% to $ 1.7 trillion New Taiwan dollars.

Foxconn, formally known as

Hon Hai precision industry
Co.


2317 1.56%

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%.

Foxconn's chairman

Terry Gou

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 yoko.kubota@wsj.com


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