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Apple supplier Foxconn's first-quarter profit dives below estimates, shares fall

Reuters  |  TAIPEI 

TAIPEI (Reuters) - A dive in quarterly profit at Taiwan's Foxconn to below analyst estimates saw shares of the Apple Inc supplier fall 3 percent on Tuesday, even after a pledge to boost shareholder returns with a $1.2 billion capital reduction.The world's largest contract electronics maker reported late on Monday a 14.5 percent decline in first-quarter net profit to T$24.08 billion ($806 million), missing the T$28.71 billion average of nine analyst estimates compiled by Thomson Reuters.The extent of the drop contrasted with resilient sales of Apple's popular iPhone in a climate of waning ...

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First Published: Tue, May 15 2018. 12:29 IST