Apple supplier Hon Hai’s quarterly profit fell 24% ahead of outbreak

30 March 2020 - 17:49Taipei — Hon Hai Precision Industry’s quarterly profit fell 24% after tepid smartphone demand and US-Chinese tensions depressed sales ahead of the coronavirus outbreak.

But it remains to be seen how it fared during the about-to-end March quarter, when the outbreak was declared a pandemic and government lockdowns dealt unprecedented shocks to the global supply chain. Bloomberg Intelligence analysts Matthew Kanterman and Charles Shum said: “Hon Hai’s sales pressure from the global coronavirus spread, the US-China trade dispute, smartphone-market weakness and a broader slowdown in tech spending won’t abate quickly, even as its Chinese manufacturing gets back to full seasonal capacity.

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