App economy

14 November 2018 By Robyn Mak Follow @mak_robyn

The $33 bln Taiwanese iPhone assembler missed quarterly earnings expectations. It will add to growing fears of weak demand for Apple’s latest model, which has sparked a selloff on supplier stocks. Tim Cook’s gradual shift to a focus on services represents another big threat.

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Foxconn, the world's top contract-electronics maker, on Nov. 13 said revenue in the three months ending Sept. 30 was T$1.4 trillion ($44.7 billion), an increase of 28 percent from the same period last year.

Earnings rose 18.3 percent to T$24.9 billion, but fell short of the mean forecast of T$28.3 billion from analysts, according to I/B/E/S data from Refinitiv.

Shares of Foxconn, formally known as Hon Hai Precision, were roughly flat at T$74.10 during late morning trading in Taiwan on Nov. 14.

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