TAIPEI (Reuters) – Apple Inc supplier Foxconn reported on Wednesday a 10% fall in fourth-quarter net profit from a year earlier, as production at its biggest iPhone factory was disrupted by China’s strict COVID-19 rules.
The Taiwanese company, which is the world’s largest contract electronics maker, said net profit for the October-December quarter fell to T$40 billion ($1.31 billion) from T$44.4 billion in the same period the previous year.
It was in line with an average forecast of T$39.98 billion profit by 13 analysts, according to Refinitiv.
($1 = 30.5870 Taiwan dollars)
(Reporting by Faith Hung and Yimou Lee; Writing by Ben Blanchard; Editing by Anne Marie Roantree and Tom Hogue)
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Source: The Print
