(Bloomberg) — Hon Hai Precision Industry Co.’s profit plunged by the most on record after the coronavirus disrupted its China production and walloped global smartphone demand.Apple Inc.’s most important manufacturing partner recorded a 89% decline in net income to NT$2.1 billion ($70 million) in the first three months of 2020. Revenue slid almost 12% to NT$929.7 billion, according to Bloomberg News’ calculations based on previously reported monthly sales numbers.The earnings decline drove home to extent to which Covid-19 and the resultant global lockdown has chilled electronics demand and driven up costs for upstream producers like Hon Hai that had to …read more
Source:: Yahoo Finance
