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10. 15  PA  XTRA NEWS

1af foxconn

Hon Hai Precision Industry Co. rose after posting gross profit that beat estimates. While Bloomberg notes that "Taiwan's second most-valuable company, part of the Foxconn Technology Group, doesn't provide revenue breakdowns," the Bloomberg report decided to simply state that Foxconn's profits were due to costing cutting instead of acknowledging that Apple's record iPhone 6 sales helped Foxconn reach their profitability. Apple reported in July that iPhone profits were up an amazing 59% over last year and that they delivered record third quarter sales.

 

The company's shares closed 1.5 percent higher at NT$88.70 in Taipei, while the benchmark Taiex fell 0.1 percent. Hon Hai on Thursday reported second-quarter gross margin of 7.2 percent, beating the 7 percent average of analysts' estimates while net income was in line with expectations.

 

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