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Hon Hai profit disappoints

Bloomberg BEIJING (Bloomberg) — Hon Hai Precision Industry Co. reported earnings that missed analysts’ lowest estimates as growth in worldwide smartphone shipments plateaued ahead of Apple Inc.’s 10th anniversary iPhone model this fall.

The world’s biggest contract manufacturer of electronics reported net income of 17.88 billion Taiwan dollars ($589 million) in the three months ended June, the Taipei-based company said.

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