Apple-supplier Foxconn profits plunge 56%

Foxconn, which assembles about 70% of iPhones, has been diversifying production away from China, whose strict covid restrictions disrupted its biggest iPhone plant last year.

Apple-supplier Foxconn posted a 56% plunge in first-quarter profit, lagging forecasts in its biggest quarterly fall in three years. 

The Taiwanese company said net profit for the January-March quarter fell to $417m, which the world's largest contract electronics maker attributed the slump related to its 34% stake in Japanese electronics maker Sharp.