Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker and major iPhone assembler for Apple Inc (AAPL.O), said on Sunday its revenue in January jumped 48.2% year-on-year, as it shook off COVID disruptions in China.
Revenue in January 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.
Compared to the previous month, revenue was up 4.93% with smart consumer electronics products, which includes smartphones, and computing products showing strong 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 the majority of its premium models including the iPhone 14 Pro.
Analysts expect first-quarter revenue to grow by around 4% year-on-year, according to Refinitiv.
Apple on Thursday forecast its revenue would fall for a second quarter in a row but that iPhone sales were likely to improve as production had returned to normal in China after the COVID-related shutdowns.
Foxconn shares have slid 0.3% so far this year, underperforming the broader Taiwan market (.TWII) which is up 10.4%.
