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Foxconn’s profits see largest drop since recession as iPhone X production stalls

Foxconn’s profits fell to $700 million last quarter, a 39 percent year-over-year decline from the $1.09 billion it pulled in during last year’s third quarter. It’s the Taiwanese assembler’s largest drop since the global recession, and it’s all due to the initial iPhone X production problems, as Foxconn relies on Apple for more than half of its business.

As first reported by Bloomberg, Foxconn, the sole assembler of iPhone X devices, was unable to assemble as many iPhone X phones as it needed to stay profitable due to a lack of parts. Not enough suppliers make OLED displays, and many struggled with the technical process of constructing the Face ID unit. Earlier last month, defective units from faulty Face ID parts sparked iPhone X…

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from The Verge – All Posts