TAIPEI (Reuters) – Taiwan’s Foxconn posted an almost 90% drop in first-quarter profit on Friday, as the coronavirus pandemic disrupted production and hit demand from Apple Inc
The world’s largest contract electronics manufacturer reported net profit of T$2.1 billion ($70.25 million) for the January-March quarter, falling well short of a Refinitiv consensus estimate of T$8.88 billion drawn from 14 analysts.
Foxconn, formally called Hon Hai Precision Industry Co Ltd, said in March that while revenue in the first-quarter would be hit by the pandemic, it was expected to recover swiftly as production returns to normal in virus-hit China.
(Reporting by Yimou Lee; Editing by Edwina Gibbs)
