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Apple Supplier Quanta Reports income down 50% due to the Shanghai COVID-19 Lockdowns

1 cover Quanta

 

If you remember back in May, workers at MacBook Maker Quanta clashed with plant guards obeying tough COVID-19 restrictions. The plant had been shut down for weeks. Fifty percent of Quanta's revenue is generated by Apple Inc.

 

The result of the plant shut down and slow recovery cost Quanta dearly, with revenue down 50%.

 

“Meaningful recovery took longer-than-expected,” Hsu told analysts on a call about its Shanghai operation, calling the company’s results “disappointing.”

 

Quanta incurred significant expenses from keeping workers on campus and training new staff, she added. The Shanghai disruptions will continue to affect earnings in the third quarter, mostly from extra incentives it’s paying to retain enough workers, according to Chief Financial Officer Elton Yang. For more, read the full Bloomberg report.

 

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