Foxconn reports lowest quarterly profit in 20 years, predicts a return to stability in Q2

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Foxconn’s quarterly profit has hit a two-decade low in Q1 of this year, the company was forced to stop operations in China, in the middle of the corona virus pandemic, and the demand from key customers such as Apple, to the low. The company had reported a net profit of $ 70.3 million, a 90% plunge year-on-year, the lowest figure since Q1 2000, and in less than a quarter of the market, an analyst from the previously estimated value.

Things, the company said in a statement, and believes it will stabilize in Q2, now all of its factories in China, and have been re-opened. The weather forecast for the next quarter, it is equipped with a double-digit percentage growth in its Q1 results, though it’s still not going to be enough to make a Difference in the increase, where one single-digit decrease is to be expected.

Foxconn chairman is forecasting an annual sales growth of more than 10% in the enterprise, and it departments. However, things continue to look grim for consumer electronics, where the weather forecast is for a 15% year on Year decline, as the reduction of purchasing power parity has a strong influence on the demand.

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