Foxconn registers 90% drop in profits due to coronavirus

The coronavirus pandemic has taken a toll at the tech industry as companies are trying to cut their losses and brace for a long fight ahead. As the Q1 earnings season came to an end, we got a complete picture of the harm done to the companies.

Taiwanese based Foxconn has now reported a 90% YOY drop in traffic for the quarter. Foxconn already informed investors that the company doesn’t expect to record profits and told them to brace.

The visibility of our outlook for the whole year is limited. Right now, there is no way I can offer the outlook for the latter half of this year.

– Liu Young-Way, Chairman

While Foxconn has resumed back some operations, the company is still at less than optimal performance. This is largely due to the reduction in demand for technology including the drop in smartphone sales.

Via TechCrunch