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

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

Things are looking up, the company says in a statement, and predicts it will stabilize in Q2, now that all of its factories in China have reopened. The forecast for the next quarter…

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