January sales at Taiwan’s Foxconn surge after end of COVID disruptions

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 its revenue in January 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 increasing at its Zhengzhou campus in China, a hub for iPhone production.

Its revenue from smart consumer electronics products, which includes smartphones, rose 4.93 percent from the previous month, and its computing products have showed strong double-digit growth, it added.

After COVID-19 restrictions forced thousands of workers to leave Foxconn’s factory in Zhengzhou, production of iPhones was disrupted prior to Christmas and January’s Lunar New Year holidays.

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

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

Last week, Apple predicted that while iPhone sales would improve as production had returned to normal in China, after the end of the COVID-19 restrictions, its revenue are expected to fall for a second consecutive quarter.

Foxconn will report its fourth quarter earnings on 15th March.