Foxconn Profit Misses in Quarter Before Covid Turmoil

Foxconn’s net income rose 5% to NT$38.8 billion ($1.22 billion) in the September quarter, missing the NT$41 billion average estimate

(Bloomberg) — Hon Hai Precision Industry Co., maker of most of the world’s iPhones, warned that consumer electronics revenue will fall this quarter amid a Covid outbreak that disrupted its main production base in central China.

The company, known also as Foxconn, reported earnings that missed estimates for the third quarter and said revenue growth will be flat for the current three months. Hon Hai is trying to resume full production after a coronavirus flare-up in October triggered a lockdown last week around its biggest factory in Zhengzhou, severely curtailing the flow of goods and people it needs to sustain iPhone assembly.