Corona’s revenue from Foxconn is down

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Foxon, the maker of Apple phones, announced today, Thursday, the biggest monthly revenue drop in nearly seven years, as the Corona virus spread across the world, disrupting the company’s business.

The company witnessed a decline in revenue by 18.1 percent year on year in February, which is the largest monthly decline since March 2013 and the third consecutive month that has been declining.

The company had warned that the Corona outbreak would harm its profits in the first quarter of the year. Foxconn reported, in a disclosure to the stock exchange, that its revenue decreased to 217.5 billion Taiwan dollars (7.28 billion dollars) in February.

Earlier this week, the company, whose share price has fallen about ten percent this year, said revenue could fall more than 15 percent in sectors including consumer electronics and telecom products in the first quarter. But she added that the profits would then recover as production returns to normal in China, which has been affected by the virus.

The company announced that it does not expect any revenue growth for the first half of this year and made a “slight reduction” of its original expectations, which were to achieve a “slight growth” this year, due to the impact of the Corona virus.

The company pledged to resume production normally in China, its largest manufacturing base, by the end of March. Any disruption to Foxconn’s work will cast a shadow over the timeframe for the launch of the new iPhones.

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