Apple Supplier Foxconn’s Sales Down 7.7 Percent Amid Coronavirus Outbreak

Sales at Taiwan’s Hon Hai Precision Industry, a key provider of Apple’s merchandise recognized by its commerce identify Foxconn, had been down by 7.7 p.c in March. The world’s largest contract electronics maker reported revenues of TWD 347.7 billion ($11.51 billion) in March, falling from TWD 376.6 billion from a yr earlier, it mentioned in a submitting to the Taiwan inventory change on Monday.

January-March income totalled TWD 929.7 billion, down by p.c from the earlier yr, the submitting confirmed.

Last month, Foxconn reported a 23.7 p.c fall in revenue within the final three months of 2019. Foxconn is amongst producers worldwide grappling with the fallout from coronavirus restrictions which have disrupted provide chains and harm demand.

Apple, its greatest consumer, rescinded its outlook for the primary quarter of 2020 saying manufacturing in China had taken longer than anticipated to renew amid journey restrictions and an prolonged Lunar New Year break.

Foxconn reported its greatest month-to-month drop in income in about seven years in February because the outbreak continued to play havoc with its enterprise.

© Thomson Reuters 2020

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