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Foxconn misses Q3 profit estimates

  • Apple supplier Foxconn/Hon Hai (OTCPK:HNHAF, OTCPK:HNHPD) reports Q3 net profits of $805.52M, up 18% Y/Y but below the $916.85M consensus.
  • Last week, the company reported October sales were up 21.5% Y/Y.
  • Analysts say Apple shifting from metal to glass for the bottoms of the iPhone 8 and iPhone X hurt Foxconn, the metal part supplier. 
  • Foxconn is also seen as the key assembler of the iPhone XR model, which is reportedly suffering from low enough sales that Apple cut plans for production expansion. 
  • The Foxconn report could weigh on Apple and its suppliers following yesterday’s guidance cut from 3D sensor supplier Lumentum.  
  • Previously: Apple suppliers drop on Lumentum guide, iPhone target cuts (Nov. 12)
  • Previously: Report: Apple cancels iPhone XR output boost (Nov. 5)

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