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 AAPL.zero 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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