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Hon Hai's profit beats thanks to demand for iPhone X.



Hon Hai Precision Industry Co. posted a quarterly profit that exceeded forecasts, thanks to solid demand for [16590000] Apple Inc.'s flagship iPhone X.

The world's largest electronics contract manufacturer [19659004] reported net income of NT $ 71.7 billion (US $ 2.5 billion) in the three months to December, based on calculations of previously reported profits. That exceeded the projected NT $ 58 billion after high revenues of NT $ 1.73 billion.

Hon Hai, part of Foxconn Technology Group of billionaire Terry Gou is the only maker of Apple's most valuable gadget from robust sales of the iPhone X, despite initial fears that it has bottomed out with consumers. Hon Hai's outperformance suggests that it was postponed after initial hiccups in the unit's production when it struggled with parts bottlenecks. Last month, Apple Chief Executive Officer Tim Cook said on a earnings survey that the iPhone X was the best-selling smartphone on vacation, quotes research firm Canalys.


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