Skip to main content

Foxconn stock price drops as profit plunges by 90%

By: Invezz
Image for Foxconn sales decline March

Shares of Foxconn (OTCMKTS: FXCOF) closed the day 1.2% in red after the tech firm said its first-quarter profit crashed nearly 90% amid the COVID-19 outbreak. Fundamental analysis: Stabilization expected in the second quarter The Taiwanese technology giant Foxconn said it earned T$2.1 billion ($70.25 million) in the first quarter, coming nowhere near the T$8.88 billion forecasted from the analysts. Apple’s main supplier reported a profit of T$19.83 billion a year ago, a nearly 90% increase compared to this year’s results. “Things were not normal in February and early March,” Liu Young-way, chairman, said on a call with investors. Revenue

The post Foxconn stock price drops as profit plunges by 90% appeared first on Invezz.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.