iPhone assembler Foxconn has reported a 31% drop in its Q2 net profit, a hit being attributed to the recent decline in iPhone sales. The company reported net profits of NT$17.7B ($566) against analyst expectations of NT$23.9B, reports the WSJ.
There was some good news for the company, however, as its acquisition of Sharp got the government approval necessary to make the deal fully official.
The impact on suppliers of reduced iPhone demand was first seen back in May, when it was reported that Foxconn, Pegatron, Sharp, Japan Display and Sony had all seen their fortunes falling. The impact on one supplier in particular has worsened dramatically … expand full story