Foxconn's first-quarter profit tumbles almost 90% on coronavirus fallout

TAIPEI (Reuters) - Taiwan’s Foxconn (2317.TW) posted an almost 90% drop in first-quarter profit on Friday, as the coronavirus pandemic disrupted production and hit demand from Apple Inc AAPL.0 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.

Reporting by Yimou Lee; Editing by Edwina Gibbs

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