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. Its net profit in the year-earlier quarter was $28.2 billion.
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