- Foxconn manufactures smartphones for various brands including Apple and Xiaomi
- Foxconn reported a fall in its profit figures during last three months of 2019
Foxconn has got the necessary permissions needed to re-start manufacturing operations at its Andhra Pradesh facility in India. The company, as well as many others, had stopped operations owing to lockdowns announced by the Government of India on account of coronavirus outbreak.
The company, also known as Hon Hai Precision Industry, had witnessed a downfall in its sales during March 2020. A report published in the Reuters had pointed out that Foxconn’s sales were down by 7.7 per cent during the month.
The company had also reported a fall in its profit figures during last three months of 2019. Citing Covid 19 pandemic, Foxconn had reported 23.7 per cent fall in its profit figures. Company’s annual revenue figures for the last fiscal stood at T$347.7 billion (approximately $11.50 billion). These figures, in comparison to 2018 fiscal, were down by almost T$ 29 billion.
It is to be noted here that Foxconn is one of the largest contract manufacturing partner of Apple. In fact, Foxconn is counted as one among the largest contract manufacturers in the world.
The China-headquartered company had earlier told its investors that it can still get 5G smartphones ready for launch before the end of 2020. Foxconn cited Covid 19 outbreak and restrictions laid by governments around the world as reasons behind the slowdown.
Another report published by South China Morning Post pointed out that Foxconn has raised signing bonuses to attract new workers. Foxconn had to delay manufacturing plans as thousands of contract workers were unable to join its facilities due to Coronavirus outbreak.