Foxconn Is Feeling the Sag in Smartphone Sales. Apple? Not So Much. [The New York Times]
S&P Global Inc. (SPGI)
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Source: The New York Times
Get the DealBook newsletter to make sense of major business and policy headlines — and the power-brokers who shape them. __________ The slowdown in smartphone sales is hurting Foxconn far more than its biggest customer. The news: Profit at the Taiwanese company — which is the world’s largest contract electronics manufacturer, making iPhones for Apple as well as devices for companies like Amazon — has fallen for two straight quarters. Foxconn reported a net profit of 17.49 billion Taiwanese dollars (about $567 million) for the quarter that ended June 2018. That is less than the 17.9 billion Taiwanese dollars it made during the same quarter a year earlier, and far below the 20.2 billion expected by analysts, according to S&P Global Market Intelligence. Back story: Sales of smartphones have begun to plateau in recent years. The number of first-time purchasers of smartphones has tailed off and feature improvements have become more modest, meaning that consumers no longer f
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