Foxconn International shares fall after huge loss
Shares of Foxconn International Holdings, the world's biggest contract mobile phone maker, have slumped more than 8% after a dismal earnings report. FIH posted a net loss of $226m for the January to June period, compared to a loss of $18m a year earlier. The manufacturer blamed sluggish orders from key clients, such as Nokia. Global demand for mobile phones has slowed and prices of smartphones have come down. The company also blamed the slowing global economy.
"Looking forward, challenging economic conditions around the world may continue to cast uncertainties in our business environment," the company said in its earnings report. "The management team remains cautious over the future handset market conditions in 2012." FIH's parent company, Foxconn Technology, helps assemble Apple iPhone and iPads. FIH does not assemble any Apple products.