Foxconn profits rise 11% following Apple's record setting iPhone 6s launch

Apple supplier Foxconn reported better-than-expected third-quarter earnings on Monday, thanks in part to the debut of the new iPhone 6s and iPhone 6s Plus, which have continued to grow sales amid slowdown in the smartphone market.

Foxconn's net profit was up 11 percent to 37.9 billion New Taiwan dollars, or $1.16 billion U.S. A year prior, the company had posted profits of 34.09 New Taiwan dollars.

The profits were ahead of investor expectations, which on average expected Foxconn to post profits of 34.8 billion New Taiwan dollars, according to The Wall Street Journal.

Foxconn is Apple's main assembly partner, responsible for building most iPhone units. Its positive earnings report follows losses posted by Apple rivals LG Electronics, HTC, and even Xiaomi, which posted its first-ever drop in sales for the third quarter.

Apple sold a record 13 million iPhone 6s and iPhone 6s Plus units when the devices launched in late September. That easily topped the 10 million iPhone 6 and iPhone 6 Plus units the company sold in 2014, though this year's debut was aided by a simultaneous launch in China.

Foxconn is hoping to muscle in on more of Apple's business with a potential acquisition of Sharp's LCD business. Sharp's Kameyama plant No. 1 in Japan solely produces displays for Apple's iPhone.