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COVID-19: We’ll reopen manufacturing base in China – Foxconn




Coronavirus: Nigeria Has Only Three Isolation Centres --Reps Member

Williams Babalola

Apple’s supplier and manufacturing partner, Foxconn has defied the deadly virus, , with its recent statement that the company will resume production in China by the end of March 2020.

Foxconn disclosed this after Apple’s declaration of a 10% drop in share price, as a result of the fall in the production of electronics and other devices in the first quarter.

This drop marked the biggest monthly drop in revenue in about seven years in February owing to the Coronavirus outbreak.

Also, Apple warned that its revenue could drop by more than 15% if Foxconn failed to resume operations soon.

The company said it did not expect to see any revenue growth in the first half and made a “mild downward revision” from its original guidance of “slight growth” for the year due to the coronavirus.

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Any delay from Foxconn, according to a statement by Apple, could cloud the timeline for the release of new Apple I-phones; as Apple, had weeks earlier, rescinded its March quarter sales guidance, citing a slower ramp-up of manufacturing in China among other reasons.

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