BREAKING NEWS

BREAKING NEWS

Taiwan's Foxconn shares drop more than 2% after quarterly profit miss

Taiwan's Foxconn shares drop more than 2% after quarterly profit miss
FILE PHOTO: Visitors are seen at a Foxconn booth at the World Intelligence Congress in Tianjin, China May 19, 2018. REUTERS/Stringer/File Photo -
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China Stringer Network(Reuters)
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TAIPEI (Reuters) - Shares of Foxconn, the world's largest contract manufacturer, dropped more than 2% on Wednesday after the company posted a lower-than-expected quarterly profit.

Foxconn, formally known as Hon Hai Precision Industry Co Ltd, reported a net profit of T$19.82 billion ($637.26 million) for the first three months of 2019, down 17.7% from the same period a year earlier.

The result lagged the T$24.84 billion average of eight analyst estimates compiled by Refinitiv.

(Reporting By Yimou Lee; Editing by Muralikumar Anantharaman)

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