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Foxconn Q120 Revenue Down 12% Y/Y, Net Profits Down 89% Y/Y
May 17, 2020
Foxconn the world’s largest assembler of electronics and Apple’s primary assembler reported Q120 revenue of $31.0b down 47% sequentially and down 12% Y/Y, as all factories in China are running under normal conditions (since mid-March). Facilities in Vietnam, Northeast and Southeast Asia, Europe and North America are fully operational, although factories in India and Mexico are currently closed. The company indicated that costs relating to the pandemic in Q120 were NT$ 10b ($334m US), although some will be reimbursed by the Chinese government. As ~50% of Foxconn’s business relates to Apple products, they are a key CE indicator. Foxconn’s Q120 profit plunged to $70.3m, its lowest in two decades, all but wiped out, after the coronavirus pandemic forced the Taiwanese firm to suspend manufacturing operations in China and knocked demand from customers including Apple Inc. For the second-quarter, the company expects revenue will show double-digit percentage sequential growth although it will still likely be down single-digits Y/Y.
Foxconn Q120 Revenue Down 12% Y/Y, Net Profits Down 89% Y/Y
May 17, 2020
Foxconn the world’s largest assembler of electronics and Apple’s primary assembler reported Q120 revenue of $31.0b down 47% sequentially and down 12% Y/Y, as all factories in China are running under normal conditions (since mid-March). Facilities in Vietnam, Northeast and Southeast Asia, Europe and North America are fully operational, although factories in India and Mexico are currently closed. The company indicated that costs relating to the pandemic in Q120 were NT$ 10b ($334m US), although some will be reimbursed by the Chinese government. As ~50% of Foxconn’s business relates to Apple products, they are a key CE indicator. Foxconn’s Q120 profit plunged to $70.3m, its lowest in two decades, all but wiped out, after the coronavirus pandemic forced the Taiwanese firm to suspend manufacturing operations in China and knocked demand from customers including Apple Inc. For the second-quarter, the company expects revenue will show double-digit percentage sequential growth although it will still likely be down single-digits Y/Y.
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