Foxconn sales have updated records after removal of COVID restrictions in China
2023.02.05 06:10
Foxconn sales have updated records after removal of COVID restrictions in China
By Tiffany Smith
Budrigannews.com – Foxconn, a major iPhone assembler for Apple Inc. (NASDAQ:) and the largest contract electronics manufacturer in the world, is based in Taiwan. said on Sunday that it overcame COVID disruptions in China to increase revenue in January by 48.2 percent year-over-year.
According to a statement released by the company, shipments increased at its Zhengzhou campus in China, a center for iPhone production, and revenue in January reached a record high of T$660.4 billion ($22 billion).
According to the report, smart consumer electronics products, such as smartphones, and computing products experienced strong double-digit growth, resulting in a revenue increase of 4.93 percent compared to the previous month.
After restrictions to control COVID-19 prompted thousands of workers to leave Foxconn’s factory lines in Zhengzhou, iPhone production was disrupted ahead of Christmas and the Lunar New Year holidays in January.
The majority of Foxconn’s iPhones, including the iPhone 14 Pro, are assembled at the Zhengzhou plant, according to analysts.
“January revenue came in slightly ahead of the first quarter of 2023, according to market consensus.” Without going into specifics, Foxconn stated, “The outlook for the first quarter will likely meet market expectation.”
According to Refinitiv, revenue growth in the first quarter is anticipated to be around 4% year-over-year.
Apple predicted on Thursday that revenue would decrease for the second quarter in a row, but that iPhone sales would likely rise as production in China returned to normal following the COVID-related shutdowns.
This year, Foxconn shares have lost 0.3%, falling behind the 10.4% increase in the Taiwan market as a whole.
