Foxconn's Q1 profit tumbles almost 90% on coronavirus fallout

[TAIPEI] Taiwan's Foxconn posted an almost 90 per cent drop in first-quarter profit on Friday, as the coronavirus pandemic disrupted production and hit demand from Apple and other major clients.

The world's largest contract electronics manufacturer reported net profit of T$2.1 billion (S$100.05 million) for the January-March quarter, falling well short of a Refinitiv consensus estimate of T$8.88 billion drawn from 14 analysts.

Foxconn, formally called Hon Hai Precision Industry Co, said in March that while revenue in the first-quarter would be hit by the pandemic, it was expected to recover swiftly as production returns to normal in virus-hit China. 

REUTERS