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Foxconn International shares fall after huge loss | Foxconn International shares fall after huge loss |
(about 4 hours later) | |
Shares of Foxconn International Holdings, the world's biggest contract mobile phone maker, have slumped more than 8% after a dismal earnings report. | |
FIH posted a net loss of $226m for the January to June period, compared to a loss of $18m a year earlier. | FIH posted a net loss of $226m for the January to June period, compared to a loss of $18m a year earlier. |
The manufacturer blamed sluggish orders from key clients, such as Nokia. | The manufacturer blamed sluggish orders from key clients, such as Nokia. |
Global demand for mobile phones has slowed and prices of smartphones have come down. | Global demand for mobile phones has slowed and prices of smartphones have come down. |
The company also blamed the slowing global economy. | The company also blamed the slowing global economy. |
"Looking forward, challenging economic conditions around the world may continue to cast uncertainties in our business environment," the company said in its earnings report. | "Looking forward, challenging economic conditions around the world may continue to cast uncertainties in our business environment," the company said in its earnings report. |
"The management team remains cautious over the future handset market conditions in 2012." | "The management team remains cautious over the future handset market conditions in 2012." |
FIH's parent company, Foxconn Technology, helps assemble Apple iPhone and iPads. FIH does not assemble any Apple products. | FIH's parent company, Foxconn Technology, helps assemble Apple iPhone and iPads. FIH does not assemble any Apple products. |
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