Apple supplier Foxconn's revenue hit by coronavirus

By Daniel Brightmore
Share
Apple’s manufacturing partner Foxconnreported its biggest monthly drop in revenue in about seven years on Thursday as the coronavirus outbreak continu...

Apple’s manufacturing partner Foxconn reported its biggest monthly drop in revenue in about seven years on Thursday as the coronavirus outbreak continued to play havoc with its business. 

The Taiwanese company, which assembles Apple’s iPhones, saw revenue sink 18.1% in February compared with a year earlier - the biggest monthly fall since March 2013 and the third straight month of decline. It warned the coronavirus epidemic would hit its bottom line in the first quarter. 

Foxconn is among manufacturers worldwide grappling with virus-related curbs that have disrupted supply chains and dampened demand. Apple, its top client, rescinded its March quarter sales guidance, citing a slower ramp up of manufacturing in China amid travel restrictions and an extended Lunar New Year break. 

Foxconn, formally known as Hon Hai Precision Industry Co Ltd, said in a stock exchange filing that revenue fell to T$217.5bn ($7.28bn) in February.

SEE ALSO:

Share

Featured Articles

UPDATED VENUE & DATE – Manufacturing LIVE Chicago 2025

Manufacturing LIVE Chicago announces important changes to its venue and date for the co-located event with PSC LIVE and Sustainability LIVE in 2025

The Breakdown of the Global Plastics Treaty isn't the end

The failure of the INC-5 talks has caused anger across the manufacturing sector, but the breakdown of this treaty will not stop efforts to address plastic

Stellantis Plant Shutdown Confirms EV Manufacturing Concerns

Stellantis is shutting down its Luton EV plant due to low demand, vindicating some manufacturers concerns that EV governmental targets are too ambitious

The Highlights of the Rockwell Automation Fair 2024

Digital Factory

TFL Drives Future of Electrification With Buses on Route 358

Sustainability & ESG

Nissan: Striving To Safeguard EV Manufacturing Interests

Sustainability & ESG