Taiwanese electronics manufacturer Foxconn reported a 23.7per cent fall in profit in the last three months of 2019 on Monday as it braces for the impact from the coronavirus pandemic that has hit demand from key customers such as Apple.
Foxconn, which assembles iPhones at factories in China, reported net profit of TUS$47.76 billion , according to Reuters calculations, slightly above an average forecast of TUS$46.94 billion from 14 analysts compiled by Refinitiv.The world's largest contract electronics manufacturer did not given any explanation for the decline from TUS$62.61 billion in the same period a year earlier.
Apple, its biggest client, rescinded its outlook for the first quarter of 2020 saying manufacturing in China had taken longer than expected to resume amid travel restrictions and an extended Lunar New Year break.
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