iPhone Maker Foxconn Profit Beats, Easing Supply-Chain Fears

Hon Hai Precision Industry Co., the maker of most of the world’s iPhones, posted a profit that beat estimates as demand for its cloud products helped it weather supply-chain snarls and sluggish smartphone demand.

Apple Inc.’s biggest assembly partner reported net income of NT$33.3 billion ($1.1 billion) for the quarter through June, against the average projection for NT$30.8 billion. Revenue totaled NT$1.5 trillion, Hon Hai reported previously.