Apple Inc supplier Foxconn on Thursday posted a 56% plunge in first-quarter net profit, lagging forecasts in its biggest quarterly fall in three years, and said visibility for the full year was 'limited'.
on Thursday posted a 56% plunge in first-quarter net profit, lagging forecasts in its biggest quarterly fall in three years, and said visibility for the full year was "limited".
The world's largest contract electronics maker attributed the slump to a T$17.3 billion writedown related to its 34% stake in Japanese electronics maker Sharp Corp"Going forward we will work harder on the management of our investment businesses," Foxconn Chairman Liu Young-way said on an earnings call, pointing to the Sharp loss.
Foxconn, which wants to replicate the success it has had with Apple's iPhone with electric vehicles , said it has been approaching traditional car makers with regard to the EV business.
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