Foxconn Sees 7.7% Decline in Sales During March 2020

According to a filing to the Taiwan stock exchange earlier today, Taiwan’s Hon Hai Precision Industry, more commonly knows as Foxconn, has experienced a 7.7% decline in sales during March 2020, Reuters is reporting.

Foxconn, the world’s largest contract electronics maker and Apple’s key supplier, also reported revenues of T$347.7 billion dollar ($11.51 billion) in March, which is significantly lower than T$376.6 billion from the previous year. 

The filing also shows that the Taiwanese company’s January-March revenue totalled T$929.7 billion, which is down by 12.0% from the year prior.

Citing impact from the coronavirus pandemic that hit demand from key customers, Foxconn had reported a 23.7% fall in profit last month in the last three months of 2019.