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Apple supplier Foxconn posts 14.5 percent drop in first-quarter net profit

Reuters  |  TAIPEI 

(Reuters) - Taiwan's Foxconn, the world's largest contract maker and a key supplier, posted a 14.5 percent fall in first-quarter net profit on Monday, lagging estimates despite a strong quarter for the U.S. maker.

Net profit for the first three months of 2018 for the company known formally as reached T$24.08 billion ($809 million), the company said in a filing to the stock exchange.

That was down 14.5 percent from T$28.168 billion a year earlier, according to Reuters' calculations. The first-quarter result was also lower than an average estimate of T$28.71 billion from nine analysts, data showed.

In May reported resilient sales in quarterly results that topped Wall Street forecasts.

($1 = 29.7650 dollars)

(Reporting by Lee Chyen Yee in SINGAPORE and Zhang Min in BEIJING; Writing by Jess Macy Yu; Editing by David Goodman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 16:53 IST