TAIPEI (Reuters) : Taiwan’s Foxconn, the world’s largest contract electronics maker and major iPhone assembler for Apple Inc, said on Sunday its revenue in January jumped 48.2% year-on-year as it shook off COVID-19 disruptions in China.
Revenue in January reached a record high, at $660.4 billion ($22 billion), with operations returning to normal and shipments increasing at its Zhengzhou campus in China, a center for iPhone production, the company said in a statement.
Compared to the previous month, revenue was up 4.93%, with intelligent consumer electronics products, which include smartphones, and computing products, showing solid double-digit growth, it said.
Production of iPhones faced disruption ahead of Christmas and January’s Lunar New Year holidays after curbs to control COVID-19 prompted thousands of workers to leave Foxconn’s factory lines in Zhengzhou.
Analysts say Foxconn assembles around 70% of iPhones, and the Zhengzhou plant produces most of its premium models, including the iPhone 14 Pro.
“Based on market consensus for the first quarter of 2023, January revenue came in slightly ahead. Therefore, the outlook for the first quarter will likely reach market expectations,” Foxconn said without elaborating.
Analysts expect first-quarter revenue to grow by around 4% year-on-year, according to Refinitiv.
Apple on Thursday forecasted its revenue would fall for a second quarter in a row. Still, that iPhone sales were likely to improve as production had returned to normal in China after the COVID-19-related shutdowns.
Foxconn shares have slid 0.3% this year, underperforming the broader Taiwan market, up 10.4%.
The company reports fourth-quarter earnings, which will also elaborate on its outlook, on March 15.