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Foxconn’s 4th Quarter Better Than Expected

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TAIPEI (Reuters) – Taiwanese manufacturer Foxconn reported a smaller than expected fall in quarterly profit, despite warning signs from key customers including Apple Inc that demand for tech electronics is softening.

Foxconn, formally known as Hon Hai Precision Industry Co Ltd, reported net profit of T$62.61 billion ($2.03 billion) for the final three months of 2018 on Friday. That was 12.6 percent below the year-earlier results, the company said in a statement.

The result beat a mean estimate of T$36.64 billion ($1.19 billion) from eight analysts, according to I/B/E/S data from Refinitiv. It was also the biggest quarterly profit the company has posted for 2018…a company official said on Friday that the better-than-expected profit was driven by revenue growth…

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