by Staff Writers
Taipei (AFP) Nov 14, 2017
Taiwanese tech giant Foxconn said Tuesday its third-quarter profit dropped by more than a third, dragged by costs associated with producing the latest iPhone model.
Also known as Hon Hai, the firm is the world's biggest contract electronics maker and assembles Apple's iPhones.
Its net income in July-September fell 39.3 percent from a year earlier to Tw$21 billion ($696 million), lower than the Tw$37.2 billion estimate compiled by Bloomberg.
Revenue in the third quarter only increased a marginal 0.33 percent to Tw$1.08 trillion, according to a Hon Hai statement Tuesday.
Analysts say that the quarter's profit took a hit due to the costs of producing the iPhone X, Apple's most expensive flagship device.
The new gadget -- which marks the 10th anniversary of the first iPhone release -- went on sale earlier this month with long queues at Apple stores around the globe.
Hon Hai's fourth-quarter results should improve on sales of the iPhone X, which appears to be strong so far, analysts say.
The firm's billionaire founder Terry Gou -- known for his aggressive dealmaking -- has been snapping up investments from Japan to India as a bid to diversify from simply being an assembler of electronics.
It acquired troubled electronic giant Sharp last year to gain its cutting-edge LCD screen technology despite having to absorb the Japanese firm's huge losses and debts.
In July, Foxconn announced a $10 billion investment to build a plant in Wisconsin, a move praised by US President Donald Trump.
Gou said then the firm will continue to invest in other US states.
He attempted to bid for Toshiba's memory chip unit but was rebuffed when the Japanese firm said in September it signed an agreement to sell to a consortium led by US investor Bain Capital and includes Apple.
Tokyo (AFP) Nov 14, 2017
Struggling Japanese conglomerate Toshiba said Tuesday it has decided to sell its television business to China's Hisense Group as part of its efforts to restore its balance sheet. Toshiba agreed with the Chinese group to sell 95 percent in shares of its unit Toshiba Visual Solutions (TVS) for about 12.9 billion yen ($114 million), it said in a statement. "Toshiba has been considering stru ... read more
Satellite-based Internet technologies
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|