Apple supplier Foxconn sees 7.7% drop in March sales [MarketWatch]
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Source: MarketWatch
Hon Hai Precision Industry Co. Ltd., better known as Foxconn, disclosed Monday that March sales dropped 7.7% on a year-over-year basis to T$347.7 billion ($11.5 billion). Though the Apple Inc. supplier's revenue was down from a year earlier, it rose roughly 60% from February, indicating that the company is beginning to see some recovery from COVID-19 disruptions. Wells Fargo analyst Aaron Rakers called the performance a "strong [month-over-month] snapback as the company returned to full seasonal manufacturing capacity." The report comes after Apple Inc. indicated in February that it would miss its March-quarter forecast due to negative impacts from COVID-19. Apple shares have lost 14% so far this year as the Dow Jones Industrial Average has dropped 15%.
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