Apple supplier Foxconn’s Q4 profit falls 10% y/y, in line with forecasts #Apple #supplier #Foxconns #profit #falls #line #forecasts #englishheadline

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)