Taiwan's Foxconn revenue hits $22 billion in January

Taiwan's Foxconn revenue hits $22 billion in January

TAIPEI, Taiwan : After the end of COVID 19 disruptions in China, Taiwan's Foxconn, the world's largest contract electronics maker and major iPhone assembler, said in January its revenue surged 48.2 percent year-on- year, reaching a record high of $22 billion.

In a statement, the company said its operations are returning to normal and shipments are increasing at its Zhengzhou campus in China, a hub for iPhone production.

It said that its revenue from smart consumer electronics products, including smartphones, rose 4.93 percent from the previous month, and its computing products have shown strong double-digit growth.

Production of iPhones was disrupted prior to Christmas and January's Lunar New Year holidays after COVID 19 restrictions forced thousands of workers to leave Foxconn's factory in Zhengzhou.

Foxconn assembles some 70 percent of all iPhones, with the Zhengzhou plant producing most premium models, including the iPhone 14 Pro.

January revenue came in slightly ahead of market consensus for the first quarter of 2023. The outlook for the first quarter will likely reach market expectations, Foxconn said.

Following the end of the COVID 19 restrictions, Apple predicted that iPhone sales would improve as production in China returned to normal. Its revenue is expected to fall for a second consecutive quarter.