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Foxconn earnings beat market estimates on booming 5G demand

Network and computing equipment offsets slowing iPhone sales

A spectrum auction for 5G services in Germany. Network equipment helped cushion the blow of slowing iPhone sales on Taiwanese assembler Foxconn.   © Reuters

TAIPEI -- Key iPhone assembler Foxconn delivered better-than-expected quarterly earnings on March 29, defying slowing sales of the smartphone as its network equipment business grew.

The Taiwanese contract manufacturer's gross profit margin rose 0.9 percentage point on the year to 7%, while its operating margin increased 1.68 points to 3.55%. Both figures are the highest since the first quarter of 2017, and the margins beat the market consensus of 6.1% and 2.2%, respectively.

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