Foxconn's fourth quarter net profit $2.46 billion, growing 4 percent

Foxconn Technology Group's fourth quarter net profit is estimated at US$2.46 billion, up 4 percent from a year ago. Hon Hai Precision Industry Co., Ltd., the world's largest contract electronics maker and supplier of Apple Inc. on Friday posted a 4.2 percent growth in fourth quarter net profit from a year ago.

Taiwan-based electronics giant denied expectations of a decline. Net profit in the last three months of 2017 reached T$71.66 billion, up from T$68.77 billion in Q4 2016. Foxconn Technology Group has the legal name of Hon Hai Precision Industry Co., Ltd.

But the company said in a filing to the Taiwan Stock Exchange that Foxconn's net profit for 2017 totaled T$138.7 billion, down 6.7 percent from 2016. Foxconn is a multinational electronic contract manufacturing company headquartered in Tucheng, New Taipei, Taiwan , founded by Terry Gou in 1974.

The company produces electronic products for major American, Canadian, Chinese, Finnish, and Japanese companies including BlackBerry, iPad, iPhone, iPod, Kindle, Nintendo 3DS, Nokia, PlayStation 3, PlayStation 4, Wii U and Xbox One. In 2012, Foxconn produces 40% of all electronic goods sold worldwide.