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Foxconn sees profit fall

by on30 March 2020

Pandemic issues not included

Foxconn reported a 23.7 percent fall in profit in the last three months of 2019 and it is still bracing itself for the full impact from the coronavirus pandemic.

Foxconn, which assembles Apple's iPhones at factories in China, reported net profit of $1.60 billion  which is not to be sneezed at and slightly above what the cocaine nose jobs of Wall Street predicted.

However this is a 23.7 percent fall  and Foxconn does not appear to be saying why as it does not cover the period of the coronavirus pandemic which should harm its figures.

 Foxconn is among manufacturers worldwide grappling with the fallout from coronavirus restrictions that have disrupted supply chains and hurt demand.

Apple, its biggest client, rescinded its outlook for the first quarter of 2020 saying manufacturing in China had taken longer than expected to resume amid travel restrictions and an extended Lunar New Year break.

Foxconn warned this month that revenue would fall more than 15 oer cent in businesses including consumer electronics in the first quarter. But it said revenue would recover thereafter as production returns to normal in virus-hit China.

 Foxconn reported its biggest monthly drop in revenue in about seven years in February as the outbreak continued to play havoc with its business.


Last modified on 30 March 2020
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