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Foxconn


Fernando Palmer
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Hi Fernando, thanks for the question. 

Investors were waiting for Foxconn’s results as the company is the biggest supplier of the tech giant Apple. Hence, they were looking for clues in Foxconn’s report that may be connected to iPhone production numbers.

Still, the Taiwan-based tech company reported an almost 90% drop in profits compared to a year ago. This is not surprising given that most of its production sites were closed in February and March. 

“Things were not normal in February and early March. In early March, our outlook was guided by the supply problems. Since late March, we have seen a huge demand shock and visibility for the second half of the year remains very poor,” Liu Young-way, chairman, said on a call with investors.

Revenue was down 12% with Foxconn hoping for double-digit growth in revenue for the second quarter. 

As for the stock, it fell 1.2% today. I think the investors were reassured by Liu, who was hopeful that his company would bounce back in the second quarter as China was able to reopen its economy much earlier than its European counterparts.


 

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