August 14, 2018 / 1:59 AM / in 9 months

Taiwan's Hon Hai shares fall 1.9 percent after second quarter results miss estimates

FILE PHOTO: A shovel and FoxConn logo are seen before the arrival of U.S. President Donald Trump as he participates in the Foxconn Technology Group groundbreaking ceremony for its LCD manufacturing campus, in Mount Pleasant, Wisconsin, U.S., June 28, 2018. REUTERS/Darren Hauck/File Photo

TAIPEI (Reuters) - Taiwan’s Hon Hai Precision Industry shares fell 1.9 percent on Tuesday morning after its second quarter results missed analyst estimates.

Taiwan’s Foxconn <2317.TW,> the world’s top contract electronics maker and an Apple supplier, posted lower than expected quarterly net profit on Monday and extended a decline in profit to a second quarter in a row.

For the quarter ended June, Foxconn reported a net profit of T$17.49 billion ($567.25 million), versus T$17.9 billion a year ago. This was below a mean estimate of T$21.936 billion ($711.45 million) from nine analysts polled by Thomson Reuters I/B/E/S. It did not elaborate on its earnings.

Reporting by Taipei bureau and Jess Macy Yu; Editing by Sam Holmes

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