© Reuters. FILE PHOTO: The Foxconn logo is seen outside the company’s building in Taipei, Taiwan, November 10, 2022. REUTERS/Ann Wang
TAIPEI (Reuters) – Taiwan’s Foxconn, the world’s largest contract electronics maker and the main iPhone assembler for Apple Inc (NASDAQ:), said on Sunday that its January revenue rose 48.2% year-on-year, as it brushed off COVID disruptions in China. .
Revenue in January hit a record C$660.4 billion ($22 billion), with operations returning to normal and shipments picking up at its Zhengzhou campus in China, a hub for iPhone production, it said. the company in a statement.
Compared with the previous month, revenue rose 4.93% with smart consumer electronics, which includes smartphones, and computer products showing strong double-digit growth, it said.
Production of iPhones was halted ahead of the Christmas and Lunar New Year holidays in January after restrictions to control COVID-19 forced thousands of workers off the lines of Foxconn’s factory in Zhengzhou.
Analysts say Foxconn assembles about 70% of iPhones and the Zhengzhou plant produces most of its premium models, including the iPhone 14 Pro.
“Based on the market consensus for the first quarter of 2023, January revenue was slightly higher. The outlook for the first quarter will likely meet market expectations,” Foxconn said without elaborating.
Analysts expect first-quarter revenue to grow around 4% year-on-year, according to Refinitiv.
Apple forecast Thursday that its revenue would fall for a second straight quarter, but that iPhone sales would likely improve as production had returned to normal in China after COVID-related shutdowns.
Foxconn shares have fallen 0.3% year-to-date, below the overall Taiwan market, which has risen 10.4%.
The company reports fourth-quarter earnings, where it will also detail its outlook, on March 15.
($1 = 29.9660 Taiwan dollars)
