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Foxconn shares fall after Apple supplier’s Q1 profit plunges
© Reuters. FILE PHOTO: Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration//File Photo
TAIPEI (Reuters) – Shares of Foxconn fell more than 2% on Friday after the Apple Inc (NASDAQ:) supplier’s quarterly profit missed forecasts and it cited a big writedown from its stake in Japan’s Sharp (OTC:) Corp for the loss.
The stock of Foxconn, the world’s largest contract electronics maker, slid 2.4% in early trade, while Sharp’s shares plunged 7%.
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