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Bloomberg
Hon Hai Precision Industry Co, Apple Inc’s main production partner, cut its 2020 revenue growth outlook after assessing the potential impact of a deadly coronavirus outbreak.
Hon Hai, which makes the vast majority of the world’s iPhones from the central Chinese city of Zhengzhou, is now projecting a sales increase of 1% to 3% this year, Chairman Young Liu told Bloomberg News in a text message. That’s down from a January 22 forecast of 3% to 5%, before the epidemic spread around the globe, and lags the 5.4% average of analysts’ projections.
The contagion is expected to disrupt Apple’s carefully calibrated production chain centred on China, while dampening consumer demand, overall growth.