TAIPEI (Reuters) – Foxconn’s (2317.TW) first-quarter profit plunged to its lowest in two decades, all but wiped out, after the coronavirus pandemic forced the Taiwanese firm to suspend manufacturing operations in China and knocked demand from customers including Apple Inc AAPL.0.
FILE PHOTO: A motorcyclist rides past the logo of Foxconn, the trading name of Hon Hai Precision Industry, in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone Siu/File Photo
But the world’s largest contract electronics manufacturer, formally called Hon Hai Precision Industry Co Ltd, said the worst of the virus outbreak for the company was over.
New growth was to be found in the work-from-home lifestyles being adopted around the world even if the outlook for smartphone and other consumer electronics demand remained bleak, it said.
“Hon Hai will stabilize in the second quarter,” Foxconn said in a statement, adding that all of its main factories in China have now resumed normal operations.
Net profit…
Source Reuters Tech News
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