Apple supplier Foxconn's Q1 profit slumps 56% y/y, lags forecasts

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 supplier Foxconn reported on Thursday a 56% fall in first-quarter net profit, lagging forecasts in its biggest quarterly fall in three years, 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.