Apple supplier Foxconn’s revenue drops 18.13% YOY due to coronavirus

In the wake and continued midst of the COVID-19 coronavirus slowdown, Apple supplier Foxconn reported its biggest year-over-year revenue drop since 2013. The company’s revenue fell from $8.87 billion to $7.26 billion, or 18.13%, versus the same period last year.

Foxconn revenue
The logo of electronics contract manufacturer Foxconn Technology Group, formally known as Hon Hai Precision Industry, is displayed at its headquarters in Taipei. Photo: Agence France-Presse

Jessica Bursztynsky for CNBC:

Foxconn cut production in China over fears of the fast-spreading coronavirus outbreak. The company said Tuesday that output has returned to 50% of capacity but that it expects to be back to full seasonal capacity by the end of March.

Apple CEO Tim Cook said on Feb. 28 he believes that China is getting coronavirus under control. “When you look at the parts that are done in China, we have reopened factories, so the factories are working through the conditions to open. They’re reopening,” he said.

MacDailyNews Take: It’s wholly unsurprising to see that Foxconn’s revenue dropped. File under: Could’ve been worse.

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