May 15, 2019 / 1:17 AM / 8 days ago

Taiwan's Foxconn shares drop more than 2% after quarterly profit miss

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan, March 30, 2018. REUTERS/Tyrone Siu/Files

TAIPEI (Reuters) - Shares of Foxconn, the world’s largest contract manufacturer, dropped more than 2% on Wednesday after the company posted a lower-than-expected quarterly profit.

Foxconn, formally known as Hon Hai Precision Industry Co Ltd, reported a net profit of T$19.82 billion ($637.26 million) for the first three months of 2019, down 17.7% from the same period a year earlier.

The result lagged the T$24.84 billion average of eight analyst estimates compiled by Refinitiv.

Reporting By Yimou Lee; Editing by Muralikumar Anantharaman

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