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Foxconn Technology Group sees sharp drop in third quarter numbers, no thanks to Apple

Foxconn, which assembles Apple's iPhones in China, has been bearing the brunt of the iPhone X production issues

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The Taiwan-based company, known as Hon Hai Precision Industry Co. lists Apple as its largest customer.

The world’s largest contract electronics maker, Foxconn Technology Group (OTC:FXCOF) saw its third quarter numbers slump sharply from a year ago, no thanks to Apple Inc.(NASDAQ:AAPL)

The Taiwan-based company, known as Hon Hai Precision Industry Co. lists Apple as its largest customer.

It said in the quarter, net profit fell 39% to US$695.5mln ($21.0bn New Taiwan dollars), sharply down from the NT$35.6bn consensus forecast by analysts.

Its revenue during the same quarter remained flat at NT$1.1trln year-on-year.

Foxconn, which is well-known for assembling Apple's iPhones in China, has been bearing the brunt of the iPhone X production issues. Apple launched the sales of iPhone X on November 3, six weeks after the iPhone 8 and 8 Plus.

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