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Wednesday, August 13, 2014

Taiwan's Hon Hai notches third straight quarterly profit rise, (NASDAQ: AAPL)

Taiwan's Hon Hai Precision Industry Co Ltd reported a third consecutive quarterly profit gain Wednesday as the world's largest contract maker of electronic goods continued to benefit from demand for products from No.1 client Apple Inc.Hon Hai, also known as Foxconn, earns as much as 50 percent of revenue assembling Apple devices such as iPhones and iPads, analysts say. To diversify both customers and business, the company has recently bought into telecoms and IT firms.In the meantime, the widely expected release in the coming months of larger-screen iPhones will keep Apple as Hon Hai's biggest cash cow for the foreseeable future, according to company-watchers.Still-hot sales of iPhones drove Hon Hai's net profit in April-June to T$20.19 billion ($673 million), versus the T$17.66 billion mean estimate of 13 analysts polled by Reuters.

Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL fell by 0.02% or $-0.02/share to $95.97. In the past year, the shares have traded as low as $63.89 and as high as $99.44. On average, 54519500 shares of AAPL exchange hands on a given day and today's volume is recorded at 33841448.