Foxconn profits for Apple devices fell in the first quarter due to the spread of Corona

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Taiwanese company Foxconn – Apple’s largest manufacturer – posted a nearly 90% drop in first-quarter earnings, as the Corona Virus pandemic disrupted production and hit demand from Apple and other major customers, but the largest electronics maker, officially known as Hon Hai Precision, said Industry Co Ltd, the company’s worst outbreak of viruses is over.

According to the Indian TOI website, Foxconn said in a statement, “Hon Hai will stabilize in the second quarter,” adding that she expects revenue to show double-digit growth in the second quarter of the first quarter, adding that although the demand for smartphones is still not clear, it is Other business units are expected to see revenue growth of more than 10% in the second quarter of the previous year, thanks to the growing demand from teleworking and online entertainment.

Foxconn posted a net profit of NT $ 2.1 billion ($ 70.25 million) for the January-March quarter, well below Revenue’s estimate of Taiwan’s $ 8.88 billion drawn from 14 analysts.

The Corona virus, which was first reported in China late last year, had at one time halted most of its manufacturing activities there, and Foxconn said that all of its major factories in China have now resumed normal operations, and Foxconn shares closed 1.4% low ahead of Friday’s results yesterday , Against 0.3% gain for the broader market.

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