FoxconnSource: Bloomberg

What you need to know

  • Foxconn has released its Q1 2020 reports.
  • It saw a 7.7% fall in sales in March.
  • That meant a 12% fall for the quarter.

Apple's iPhone production partner Foxconn has reported a 12% fall in sales for the first quarter of the year – compared to 2019 – according to a Reuters report.

It's thought that the ongoing coronavirus situation is the main cause of the fall, with Foxconn forced to close up shop in China as the virus took hold. In that regard, a reduction in sales shouldn't come as a surprise, although it was always a matter of how far they would fall.

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Foxconn reportedly saw a fall of 7.7% in March alone, raking in around $11.5 billion on sales.

The world's largest contract electronics maker reported revenues of T$347.7 billion dollar ($11.51 billion) in March, falling from T$376.6 billion from a year earlier, it said in a filing to the Taiwan stock exchange on Monday.

January-March revenue totalled T$929.7 billion, down by 12.0% from the previous year, the filing showed.

Foxconn will be hoping for a better Q2, with Apple using the company for its 2020 iPhone lineup. We've heard conflicting reports as to whether Foxconn is ready to produce iPhones in the volume required but the company itself seems unfazed.