TAIPEI Reuters - Taiwan - Foxconn, the world's largest contract electronics maker and major iPhone assembler for Apple Inc., said on Sunday its revenue jumped 48.2% year-on-year, as it shook off COVID disruptions in China.
In January, revenue reached a record high, at T $660.4 billion $22 billion with operations returning to normal and shipments increasing at its Zhengzhou campus in China, a centre for iPhone production, the company said in a statement.
The revenue was up 4.93% with smart consumer electronics products, including smartphones and computing products showing strong double-digit growth, compared to the previous month.
Thousands of workers left Foxconn's factory lines in Zhengzhou after curbs to control COVID 19 caused the production of iPhones to be disrupted ahead of Christmas and January's Lunar New Year holidays.
According to analysts, Foxconn assembles around 70% of its iPhones, and the Zhengzhou plant produces the majority of its premium models, including the iPhone 14 Pro.
The January revenue came in slightly ahead of market consensus for the first quarter of 2023. Foxconn didn't say anything about the outlook for the first quarter.
According to Refinitiv, first-quarter revenue is expected to grow by around 4% year-on-year.
After the COVID-related shutdowns, Apple forecast its revenue would fall for a second quarter in a row, but iPhone sales were likely to improve as production returned to normal in China.
Foxconn shares have slid 0.3% this year, underperforming the Taiwan market, which is up 10.4%.
The company reports fourth quarter earnings, where it will also elaborate on its outlook on March 15.