Many are the companies that are seeing as due to the coronavirus, their sales have experienced sharp declines. But not only the companies that sell the final product are being affected, but also those that assemble the different components that are part of it, such as Foxconn, the largest device manufacturer / assembler electronics of the world.
Foxconn, Apple's main supplier has seen how their income plummeted by 23,7% during the fourth quarter of 2019, a period when COVID-19 had not yet started to wreak havoc in China, although the first known coronavirus infection is dated November 17, 2019, in Wuhan, China.
Foxconn's profit in the fourth quarter of 2019, amounted to 47.800 billion Taiwan dollars (1.600 billion dollars). In the same period of the previous year, Foxconn made a profit of 62.600 billion Taiwan dollars (2.070 billion dollars). The Asian company you have not reported the reasons that have generated this reduction in benefits.
Foxconn has fought against the coronavirus with all the measures it has had at its disposal. In early 2020, she was forced to close two of its main factories where the iPhone is assembled in China. When it reopened, it did so with less than 10% of its workers and stated that COVID-19 would undoubtedly affect its income throughout the year.
Last week, Foxconn claimed it was already working at full capacity, having hired more staff for its factories in China to meet the seasonal demand for the iPhone.
Apple, for its part, has seen how their income increased by 9% during the last fiscal quarter of 2019, with an increase in iPhone sales of 8% according to analysts, as Apple stopped reporting on the numbers of iPhones sold in January 2019.