Hon Hai Precision Industry, also known as Foxconn, the world’s largest electronics contract manufacturer and Apple’s leading assembler for iOS devices, has today reported 4.2% growth in Q4 net profit from a year ago, well ahead of the forecast by eight analysts polled by Thomson Reuters SmartEstimates.
According to a filing in the Taiwan Stock Exchange, the company’s net profit in the final three months of 2017 reached US $2.46 billion. For 2017 as a whole, Foxconn’s net profit totalled US $4.79 billion, down 6.7% from 2016.
In the third quarter of 2017, Foxconn’s profit fell 39% over the year-earlier period, likely hit by production troubles for the iPhone X that pushed back the start of sales to November. CEO Terry Gou has been moving to expand the company’s business beyond contract manufacturing as well.
In an effort to bolster consumer brands, a Foxconn unit recently agreed to buy smartphone and electronics accessories maker Belkin International for US $866 million.