Foxconn shares fall after Apple supplier’s Q1 profit plunges

TAIPEI (Reuters) – Shares of Foxconn fell more than 2% on Friday after the Apple Inc supplier’s quarterly profit missed forecasts and it cited a big writedown from its stake in Japan’s Sharp Corp for the loss.

The stock of Foxconn, the world’s largest contract electronics maker, slid 2.4% in early trade, while Sharp’s shares plunged 7%.

(Reporting by Yimou Lee in Taipei; Writing by Anne Marie Roantree; Editing by Jacqueline Wong)