© Reuters. FILE PHOTO: People wear masks to protect themselves from the coronavirus disease (COVID-19) while listening to the annual general meeting at the lobby of Foxconn’s office in Taipei, Taiwan, June 23, 2020. REUTERS/Ann Wang/File Photo
TAIPEI (Reuters) – Apple Inc (NASDAQ:) supplier Foxconn reported on Thursday a 56% fall in first-quarter net profit, as global economic woes hurt demand for smart consumer electronics.
The Taiwanese company, which is the world’s largest contract electronics maker, said net profit for the January-March quarter fell to T$12.8 billion ($417.17 million) from T$29.45 billion in the same period the previous year.
It was much worse than an average forecast of T$29.18 billion profit from 13 analysts, according to Refinitiv.
($1 = 30.6830 Taiwan dollars)
This story originally appeared on Investing
