Beijing—Foxconn Technology Group’s profit fell about 17.7% in the first quarter after its biggest customer, Apple Inc., reported an accelerated decline in sales of the iPhone. Taiwan-based Foxconn said Tuesday that its net profit in the January-to-March quarter was 19.83 billion new Taiwan dollars (US$637 million), lower than the NT$23.05 billion average estimate of analysts polled by FactSet. Its net profit over the same period in 2018 was NT$24.08 billion.

Source: Wall Street Journal May 14, 2019 11:48 UTC