Hon Hai Profit Misses Estimates on Slowing Apple Orders
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Hon Hai Precision Industry Co., the world’s biggest contract manufacturer of electronics, posted worse-than-expected profit as orders from Apple Inc. slowed and the computer market suffered its biggest decline ever.
Net income for the first quarter was NT$16.4 billion ($549 million) after sales fell 19 percent from a year earlier, the Taipei-based company said yesterday. The average of 11 estimates compiled by Bloomberg was for profit of NT$19 billion.