Apple’s supplier Foxconn surprised with revenues

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Foxconn revenues suffered great losses in the days when the outbreak occurred. Being the supplier of leading technology companies, the company is also among the largest exporters in China.

Especially known for its Apple product supplies, the company is having a hard time. So much so that the income generated in the first three months of 2020 has reached the lowest level in recent years.

Foxconn revenues at 20-year low
Foxconn, the world’s leading supplier of technological products, experienced a sharp drop in revenues. As the Corona virus epidemic affected the world, there was a decrease in the sales of technological products. This caused firms to reduce their production. The reduction in production also reflected negatively on the suppliers.

Sharing its revenue for the first quarter of 2020, the company announced this value as $ 70.3 million. Compared to the same period of 2019, Foxconn revenues decreased by 90 percent. The lowest income previously occurred in the first quarter of 2000. Thus, the company had to explain its lowest income after 20 years.

Recovery is expected for the second quarter of 2020 in which we are located. Second quarter revenue is expected to rise at double digit rates compared to the first quarter.

The company, which is multinational, has more than 1 million employees worldwide. In addition, the company alone meets the needs of the world electronic consumption market, such as 40 percent. The company’s headquarters is located in Taiwan.

It is alarming for the technology world that such a big company suffers a huge loss of income. Because a loss in this area can have an impact worldwide.

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