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

FILE PHOTO: A motorcyclist rides past the logo of Foxconn, the trading name of Hon Hai Precision Industry, in Taipei, Taiwan, March 30, 2018. REUTERS/Tyrone Siu/File Photo

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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