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[$$] Foxconn’s Profit Drops as iPhone Shipment Growth Slows

BEIJING—Foxconn Technology Group posted a worse-than-expected 15% drop in first-quarter net profit after Apple Inc., its biggest customer, reported modest growth in iPhone shipments. Taiwan-based Foxconn said Monday that profit for its January through March period was NT$24.1 billion ($809 million), compared with the NT$25.4 billion average estimate of analysts polled by S&P Capital IQ. Foxconn, known formally as Hon Hai Precision Industry Co., is the world’s largest contract electronics maker and assembles Apple’s iPhone X among other products.