Apple supplier Foxconn's revenue hit by coronavirus
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 Apple, its top client, rescinded its March quarter sales guidance, citing a slower ramp up of manufacturing in China amid travel restrictions and an extended Lunar New Year break.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.