Taipei — Taiwanese technology company Foxconn says its third-quarter profit dropped by more than a third, dragged by costs associated with producing the latest iPhone model. Also known as Hon Hai, the firm is the world’s largest contract electronics maker and assembles Apple’s iPhones. Its net income in July-September fell 39.3% from a year earlier to 21-billion new Taiwanese dollars ($696m), lower than the 37.2-billion new Taiwanese-dollar estimate compiled by Bloomberg. Revenue in the third quarter only rose a marginal 0.33% to 1.08-trillion new Taiwanese dollars, Hon Hai said on Tuesday. Analysts say the quarter’s profit took a hit due to the costs of producing the iPhone X, Apple’s most expensive device. The new gadget — which marks the 10th anniversary of the first iPhone release — went on sale earlier in November. Hon Hai’s fourth-quarter results should improve on sales of the iPhone X, which appears to be strong so far, analysts say. The firm’s billionaire founder, Terry Gou,...
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