March 6, 2020 / 2:51 AM / 22 days ago

Shares of Taiwan's Foxconn fall more than 2% after monthly revenue dip

FILE PHOTO: The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone Siu/File Photo

TAIPEI (Reuters) - Shares of Apple’s manufacturing partner Foxconn (2317.TW) slumped more than 2% on Friday after the company reported its biggest monthly drop in revenue in seven years as the coronavirus outbreak hurts its bottom line.

The company, which assembles smartphones for tech giants including Apple’s iPhones, saw revenue sink 18.1% in February year-on-year - the steepest monthly fall since March 2013 and the third straight month of decline.

The world’s top contract electronics maker has warned the coronavirus epidemic would hit its business in the first quarter but said revenue would recover thereafter as production returns to normal in virus-hit China.

Reporting By Yimou Lee; Editing by Shri Navaratnam

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