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Foxconn reported the lowest quarterly profit in 20 years, but expects to return to stable growth already this quarter

19.05.2020 0 Comments

Foxconn reported the lowest quarterly profit in 20 years, but expects to return to stable growth already this quarter

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For the Taiwanese company Foxconn Electronics (Hon Hai Precision Industry), which is Apple's main manufacturing partner, was not the most successful. Against the backdrop of the coronavirus pandemic and the forced shutdown of plants in February, the net profit of the world's largest contract manufacturer of electronic devices collapsed by 90% compared to the first quarter of 2019 to $ 70.3 million. This is lower than analysts' forecast and is the worst result since 2000. writes Reuters.

As noted above, the drop was due to the closure of plants due to the outbreak of coronavirus, as well as a reduction in orders from key customers, including Apple. But now that Foxconn’s enterprises in China have returned to work, the situation has improved, the company said in a statement. At the same time, Foxconn predicts that it will be able to return to stable growth this quarter. In particular, Foxconn expects percentage growth in profits to be a two-digit number compared to the first quarter of 2020. At the same time, the growth will not be large enough, and in comparison with the result of a year ago, a drop expressed by a single indicator is expected.

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Terry Gow, founder and chairman of Foxconn’s board of directors, predicts annual revenue growth of more than 10% for all divisions of the company. But the situation still looks bleak for consumer electronics, where a 15% drop is predicted compared to last year, and a decrease in purchasing power seriously affects demand.

Source: Reuters

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