November 13, 2019 / 7:09 AM / a month ago

Apple supplier Foxconn's Q3 profit up 23%, beats forecast

TAIPEI, Nov 13 (Reuters) - Taiwan’s Foxconn posted a 23% rise in quarterly profit on Wednesday, as its biggest customer Apple Inc reported better-than-expected earnings thanks to solid sales of mobile devices such as wearables.

Foxconn, the world’s largest contract electronics manufacturer, reported net profit of T$30.7 billion ($1.0 billion) for the July-September quarter, versus an average forecast of T$27.75 billion by 12 analysts compiled by Refinitiv.

The company did not elaborate on the profit rise from T$24.88 billion a year earlier. ($1 = 30.4010 Taiwan dollars) (Reporting By Yimou Lee; Editing by Kim Coghill)

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