Foxconn quarterly profit falls by 40% due to iPhone X production delays

Foxconn Technology Group sees sharp drop in third quarter numbers, no thanks to Apple

Foxconn's problems with iPhone X assembly could hit holiday availability

Foxconn, which is well-known for assembling Apple's iPhones in China, has been bearing the brunt of the iPhone X production issues.

The company, which is known as Hon Hai Precision Industry and is an electronics contract manufacturer, had a net profit of 21 billion New Taiwan dollars (about US$695.5 million) in the latest quarter, much lower than the NT$35.6 billion that analysts had estimated, The Wall Street Journal reported.

The decline in profit from the corresponding quarter a year ago was the biggest since the global financial crisis in 2008.

Questions remain as to whether Apple can meet demand for the iPhone X during the crucial holiday quarter, with most analysts saying it will likely take it until next year or early spring to do so. Apple said it sold 46.7 million iPhones in the quarter ended September 30, above analysts' estimates of 46.4 million, according to financial data and analytics firm FactSet.

Demand for iPhone X is undeniably strong and it appears numerous supply issues have also been resolved, although iPhone X is still backordered up to 4 weeks for new Apple Store online orders.

During Apple's quarterly results announcement this month, chief executive Tim Cook did not offer any indication as to when supplies of the three iPhone models released this year would catch up with demand.

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