Foxconn’s results, at times, offer a glimpse into Apple’s iPhone business. Photo: tyrone siu/ReutersBEIJING— Foxconn Technology 2354 0.91% Group posted a worse-than-expected 15% drop in first-quarter net profit after Apple Inc., AAPL -0.23% its biggest customer, reported modest growth in iPhone shipments. Taiwan-based Foxconn said Monday that profit for its January through March period was NT$24.1 billion ($809 million), compared with the NT$25.4 billion average estimate of analysts polled by S&P Capital IQ. Its net profit in the year-earlier quarter was $28.2 billion. Revenue for the quarter rose 5.5% to NT$1.0 trillion from the previous year’s NT$975.0 billion.

Source: Wall Street Journal May 14, 2018 14:13 UTC