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Foxconn is known for assembling iPhones and is a major supplier to Apple.
AFP via Getty Images
Foxconn
And
which makes
apple
iPhones posted a decline in profits in the second quarter, but managed to beat expectations.
Foxconn
(Ticker: 2317.Taiwan), formally known as Hon Hai Precision Industry, said profits fell 1% in the three months through June compared to the same period a year earlier. The company said revenue fell 14% and margins narrowed. Stocks continued to rise because results exceeded expectations.
Foxconn
‘s
The results mirror those in
apple
‘s
(AAPL) latest numbers, which showed a decline in iPhone and iPad sales. Foxconn said performance in its consumer electronics division should improve in the third quarter, although it may still fall short of last year’s performance.
Shares of Apple rose 0.5% to $178.50 in premarket trading Monday. Foxconn shares are up 10% this year.
Write to Brian Swint at brian.swint@barrons.com
