Taiwanese electronics manufacturer Foxconn reported a 23.7% fall in profit in the last three months of 2019 on Monday as it braces for the impact from the coronavirus pandemic that has hit demand from key customers such as Apple .
Foxconn, which assembles iPhones at factories in China, reported net profit of T$47.76 billion , according to Reuters calculations, slightly above an average forecast of T$46.94 billion from 14 analysts compiled by Refinitiv.
Foxconn is among manufacturers worldwide grappling with the fallout from coronavirus restrictions that have disrupted supply chains and hurt demand. Foxconn warned this month that revenue would fall more than 15% in businesses including consumer electronics in the first quarter. But it said revenue would recover thereafter as production returns to normal in virus-hit China.
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