Economics
iPhone Maker Hon Hai Cuts 2020 Outlook After Virus Outbreak
- Apple’s main partner now projects revenue growth of 1% to 3%
- Hon Hai plans to sequester returning workers for up to 14 days
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Hon Hai Precision Industry Co. cut its 2020 revenue outlook after deciding to impose strict quarantines at its main iPhone-making base, a measure to guard against the coronavirus outbreak that may hurt Apple Inc.
Hon Hai, which makes the vast majority of the world’s iPhones from the central Chinese city of Zhengzhou, officially resumes production Feb. 10 after an extended Lunar New Year break. But the company said in a statement that workers returning from outside Henan province -- site of its main factory -- will be sequestered for 14 days. Any staff reporting to work who reside within the province itself will be isolated for 7 days.