Hon Hai Precision Industry Co. reported an unexpected rise in quarterly earnings after the main assembler of Apple Inc.¡¯s devices rode record iPhone sales during the pivotal holiday shopping period.
The world¡¯s biggest contract manufacturer of electronics reported a 30 percent increase in net income to 68.8 billion Taiwan dollars ($2.3 billion) in the three months ended December, according to Bloomberg calculations derived from previously released data. That surpasses the NT$48.8 billion average of analysts¡¯ estimates.
Hon Hai, better known as Foxconn Technology Group, derives about half its sales from Apple, data compiled by Bloomberg shows. The world¡¯s most valuable company shipped an unprecedented 78.3 million iPhones during the October-December quarter, despite its latest device representing a modest update on its predecessor. Optimism around Apple¡¯s iPhone for 2017 ¡ª the 10th anniversary of the iconic device ¡ª has driven the Taiwanese company¡¯s stock close to a decade high.
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