Apple supplier Foxconn’s Q1 profit plunges, outlook “conservative”

TAIPEI: Apple Inc supplier Foxconn on Thursday posted a 56% plunge in first-quarter net profit, lagging forecasts in its biggest quarterly fall in three years, and said visibility for the full year was “limited”.

The Taiwanese company said net profit for the January-March quarter fell to T$12.8 billion ($417.17 million) from T$29.45 billion in the same period the previous year.

It was much worse than an average forecast of T$29.18 billion in profit from 13 analysts, according to Refinitiv.