Apple Supplier Foxconn's Profit Falls Nearly 25% Year-Over-Year: Report

Apple Inc's AAPL largest supplier, Foxconn Technology Group, saw its net profit fall 23.7% in the fourth quarter before the coronavirus pandemic spread, The Wall Street Journal reported Monday. 

Foxconn, formally Hon Hai Precision Industry Co., is based in Taiwan. The company is best known for assembling Apple's iPhones.

Foxconn's net profit for the fourth quarter ended in December was around $1.6 billion, according to the Journal — a 23.7% year-over-year decline. 

Apple has been affected by the pandemic on a number of fronts. The company has had to shut down a number of stores, and Apple has also been limiting the number of iPhones customers can purchase online to two units in multiple countries.

Apple shares were trading up 1.38% at $251.15 in Monday’s premarket session. The stock has a 52-week range between $327.85 and $170.27.

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