Benzinga
0
All posts from Benzinga
Benzinga in Benzinga,

Foxconn Earnings Weren't Great, Offer Few Hints About iPhone 8 Demand

Foxconn Earnings Weren't Great, Offer Few Hints About iPhone 8 NASDAQ: AAPL Demand

Foxconn Technology Group, also known as Hon Hai Precision Industry, is a key member of Apple Inc. AAPL's supply chain and some investors pay close attention to the Taiwan-based company for any iPhone related hints in its news releases and earnings reports.

On Friday, Foxconn announced a huge earnings miss in its recent quarter in which net income fell 25 percent short of what analysts were expecting, iPhone 8.

Taiwan-based Yaunta is modeling Foxconn to ship 147 million iPhones this year, which marks a decrease from 148 million last year. But on the other hand, Apple assemblers are projected to ship a total of 216 million iPhones this year which marks a notable uptick from 201 million units in 2016.

In short, Foxconn's earnings report offers few concrete hints related to demand for the iPhone 8, and a possible delay in mass production of the new phone may imply investors won't find any answers in Foxconn's third-quarter results. After all, not even Apple's CEO Tim Cook himself knows how many new iPhones it will sell this year, Culpan stated.

Deutsche Bank Sees Apple Downside To $140 Following Q3 Earnings Report

© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


Source