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Foxconn rides the tariffs storm, for now
- Wednesday | 14th August, 2019
TAIPEI (Reuters) – Taiwan’s Foxconn, which makes smartphones for Apple and other brands, reported a 2.5% fall in quarterly profit on Tuesday, a slightly smaller decline than analysts’ expected. The company did not elaborate on the causes of the profit decline from T$17.49 billion a year earlier. Foxconn is already battling weak global demand for other electronics devices, which has forced it to consider selling its $8.8 billion display panel factory in China, Reuters reported last week. To ease the impact of additional U.S. tariffs, Foxconn may consider moving parts of its production lines for Apple to Vietnam and India, Arthur Liao, an analyst at Fubon Research in Taipei, said ahead of the results. Shares in the company have fallen around 20% since Gou announced his bid for Taiwan’s presidency in mid-April.
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