As earnings season winds down, we’re getting a solid picture on just how profoundly the COVID-19 pandemic has impacted corporations’ bottomline. Taiwan-based manufacturing giant Foxconn is among those companies that were utterly walloped over the previous quarter. Plant shutdowns — particularly in China — lead to a 90% year-over-year drop in profits for the quarter.
Foxconn had already attempted to brace investors for bad news back in March. At the time, the company failed to give a clear indication of how its profits would look for the rest of the year, owing to the unprecedented uncertainty of the virus. “Prevention of outbreak, resumption of work and production are our top priority,” Chairman Liu Young-Way said at the time.
Two months later, uncertainty remains. “The visibility