Apple supplier Foxconn warns over revenue hit
February 21, 2020
Apple supplier Foxconn Technology Group expects its full-year revenue to suffer from the disruption to China-based manufacturing by the coronavirus epidemic, reported the Financial Times.
The warning from the world’s largest electronics contract manufacturer is the clearest indication yet of the scale of the outbreak’s impact on the global technology supply chain.
“As we are moving ahead with the reopening of mainland China manufacturing complexes in a relatively cautious manner, this will indeed have a negative impact on full-year revenues,” Hon Hai, the group’s Taipei-listed flagship company, said in a statement to the Taiwan Stock Exchange on Thursday.
Foxconn’s warning goes further than that of its largest customer, Apple, earlier this week. The California-based company said on Monday that it was likely to miss its earlier revenue forecast for the first quarter, citing the impact of the outbreak on both demand and production in China.