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A key Apple supplier saw its profit explode (APPL)

March 31, 2017

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Taiwan’s Foxconn, the world’s largest contract electronics maker and a key Apple Inc supplier, on Friday reported 30 percent growth in fourth quarter net profit from a year ago, defying expectations for a decline.

The profit was likely to have been boosted by solid bookings for Apple’s bigger-sized iPhone 7 models, which Foxconn, formally known as Hon Hai Precision Industry Co assembles, analysts said.

Net profit in the final three months of 2016 ended four quarters of year-on-year declines to reach T$68.77 billion ($2.26 billion), up from T$52.93 billion in the fourth quarter of 2015, according to a Reuters calculation based on Foxconn’s full year 2016 results.

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