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iPhone maker Foxconn's net profit dips for 3rd straight year

Apple suppliers resume China production but uncertain demand clouds outlook

TAIPEI -- Key iPhone supplier Foxconn on Monday reported a third consecutive year of lower profits as the smartphone industry continues to slow.

Net income at Foxconn, formally traded as Hon Hai Precision Industry, fell 10% to 115.3 billion New Taiwan dollars ($3.81 billion) in 2019, while operating income dipped nearly 16% on the year. The company's gross margin was 5.9%, lower than the 6.27% in 2018 and well below its goal of 10% by 2025.

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