May 15, 2020 / 6:31 AM / 16 days ago

Foxconn's Q1 profit tumbles almost 90% on coronavirus fallout

TAIPEI, May 15 (Reuters) - Taiwan's Foxconn posted an almost 90% drop in first-quarter profit on Friday, as the coronavirus pandemic disrupted production and hit demand from Apple Inc and other major clients.

The world's largest contract electronics manufacturer reported net profit of T$2.1 billion ($70.25 million) for the January-March quarter, falling well short of a Refinitiv consensus estimate of T$8.88 billion drawn from 14 analysts.

Foxconn, formally called Hon Hai Precision Industry Co Ltd, said in March that while revenue in the first-quarter would be hit by the pandemic, it was expected to recover swiftly as production returns to normal in virus-hit China. ($1 = 29.8920 Taiwan dollars) (Reporting by Yimou Lee; Editing by Edwina Gibbs)

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