TAIPEI – Foxconn’s first quarter revenue fell 12% from last year to NT$929.1 billion. Profits plunged 89% year-over-year because of supply chain disruptions in China due to Covid-19, according to reports. Net earnings were NT$2.1 billion ($70.2 million).

Second quarter revenue is expected to decrease by a single-digit percentage, according to Young-Way Liu, Foxconn’s chairman.

Liu said the firm is unable to project an outlook for the second half of 2020. Demand for consumer products including smartphones in the second quarter is likely to decline.

Most of Foxconn's sites in China have returned to normal operations, after stopping production during January and February.

The company plans to restart operations In India after the government lifts lockdowns on May 17.

Ed.: NT$1 = US$0.03