Apple Supplier Foxconn Shares Fall Over 2% After Dip In Monthly Revenue

Friday March 06, 2020.

A motorcyclist rides past the entrance of the headquarters of Hon Hai, which is also known by its trading name Foxconn, in Tucheng, New Taipei city, December 24, 2013. Photo: Reuters

Shares of Apple’s manufacturing partner Foxconn slumped more than 2% on Friday after the company reported its biggest monthly drop in revenue in seven years as the coronavirus outbreak hurts its bottom line.

The company, which assembles smartphones for tech giants including Apple’s iPhones, saw revenue sink 18.1% in February year-on-year – the steepest monthly fall since March 2013 and the third straight month of decline.

The world’s top contract electronics maker has warned the coronavirus epidemic would hit its business in the first quarter but said revenue would recover thereafter as production returns to normal in virus-hit China.

Reuters

Apple Supplier Foxconn Shares Fall Over 2% After Dip In Monthly Revenue

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