Foxconn Experiences Downfall In Profit During The Final Quarter Of 2019
Foxconn the electronics manufacturer from Taiwan and also one of the major suppliers for Apple has reported on Monday about the downfall in profit of the company in the last three months of 2019. The fall in profit was reported at a rate of 23.7%.
The net profit of Foxconn which was calculated and reported according to the Reuters calculation stood at TWD 47.46 billion which is a bit higher than the average forecast of TWD 46.94 billion. The company also didn't give any clarification for the decrease from TWD 62.61 billion in a similar period a year before. Foxconn is among those manufacturers around the world thinking about the aftermath from coronavirus limitations that have disturbed supply chains and also affected the demand adversely.
Apple, its greatest customer, repealed its outlook for the primary quarter of 2020 saying that producing in China had taken longer than anticipated to continue in the midst of movement limitations. The company had also warned for the current month that there would be a fall in the revenue of the company by more than 15% which also includes the business of consumer electronics in the first quarter. The company also said that they would recover all of their revenue soon as the production has returned to normal condition in the virus hit China.