Foxconn’s first-quarter profit tumbles almost 90% on coronavirus fallout

FILE PHOTO: A motorcyclist rides previous the brand of Foxconn, the buying and selling title of Hon Hai Precision Trade, in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone Siu/File Photograph

TAIPEI (Reuters) – Taiwan’s Foxconn (2317.TW) posted an nearly 90% drop in first-quarter revenue on Friday, because the coronavirus pandemic disrupted manufacturing and hit demand from Apple Inc and different main shoppers.

The world’s largest contract electronics producer reported internet revenue of T$2.1 billion ($70.25 million) for the January-March quarter, falling effectively in need of a Refinitiv consensus estimate of T$8.88 billion drawn from 14 analysts.

Foxconn, formally referred to as Hon Hai Precision Trade Co Ltd, stated in March that whereas income within the first-quarter can be hit by the pandemic, it was anticipated to get well swiftly as manufacturing returns to regular in virus-hit China.

Reporting by Yimou Lee; Enhancing by Edwina Gibbs

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