Q1 profit plunges to T12.8 bln vs forecast of T29.18 bln
Foxconn takes 565 mln writeoff linked to Sharp stake
Says it expects 2023 revenue to be flat
Sees revenue for consumer electronics products falling in Q2

TAIPEI, May 11 Reuters Apple Inc supplier Foxconn on Thursday posted a 56 plunge in firstquarter net profit, lagging forecasts in its biggest quarterly fall in three years, and said visibility for the full year was limited.

The Taiwanese company said net profit for the JanuaryMarch quarter fell to T12.8 billion 417.17 million from T29.45 billion in the same period the previous year.

It was much worse than an average forecast of T29.18 billion in profit from 13 analysts, according to Refinitiv.

The world39;s largest contract electronics maker attributed the slump to a T17.3 billion writedown related to its 34 stake in Japanese electronics maker Sharp Corp.

Going forward we will work harder on the management of our investment businesses, Foxconn Chairman Liu Youngway said on an earnings call, pointing to the Sharp loss.

Overshadowed by global economic uncertainty, Liu said visibility on the fullyear outlook was limited and the company maintained a conservative outlook.

While inventory levels were higher than average, the company was actively adjusting those levels, Chief Financial Officer David Huang said, adding that they were controllable and would be lowered to a relatively low point by the end of this quarter.

Foxconn, which wants to replicate the…