Virus to dent Foxconn's consumer electronics revenue

Apple supplier Foxconn is the latest manufacturer to see the coronavirus outbreak hurting profits.

It's one of a growing number of firms worldwide grappling with virus-related curbs that have upended supply chains and hurt demand.

The Taiwanese firm said on Tuesday (March 3) that revenue would drop 15% in the first quarter in businesses including consumer electronics and enterprise products.

Apple, its top client, rescinded its March-quarter sales guidance because of a slower ramp up of manufacturing in China.

Foxconn sought to allay investor concerns about the impact, saying it expects to resume normal production in China by the end of the March.

But the firm, which assembles Apple's iPhones, said it did not expect to see any revenue growth in the first half, and Foxconn shares have dropped more than 10% this year.

Overall manufacturing activity has been hobbled in China by travel curbs and quarantines.

The flu-like virus, which originated in China, has spread to over 60 countries and infected more than 86,000 people and killed over 3,000.