TAIPEI – Foxconn reported net profit of $637.3 million for the first quarter of 2019, down 17.7% year-over-year.

Despite slowing Apple iPhone sales, Foxconn will benefit from the launch of new iPhone models expected later this year, analysts said.

The company is about to undergo a change in leadership. Chairman Terry Gou has stated he would run for president of Taiwan in 2020, and a successor is expected to be named shortly.