Foxconn Reported Strong Increase in Revenue Post Disruptions

Foxconn, a key Apple supplier, reported strong January revenue that increased 48.2% year on year, despite significant Covid-related disruptions in October and November of 2022.

The company reported consolidated revenue of NT$ 660.4 billion in January 2023, an increase of 4.93 percent month on month and 48.3 percent year on year.

According to the company, revenue in January reached a record high for the same period.

"With operations returning to normal and product shipments increasing at the Zhengzhou campus, revenue in January delivered strong double-digit growth both month over month and year over year," Foxconn said.

The company reported increased component supply and strong customer demand.

Smart consumer electronics and computing products experienced double-digit growth.

Foxconn's largest iPhone manufacturing facility in China, which was severely disrupted by Covid-related issues, gradually recovered and production reached about 90% of maximum capacity in early January.

The Foxconn Technology Group facility in the central Chinese city of Zhengzhou is the world's largest iPhone factory, with major disruptions caused by pandemic controls in the last three months of 2022.

During a Covid-19 outbreak that began in late October 2022, the factory was rocked by an exodus of tens of thousands of employees and violent worker protests.

Foxconn Chairman and CEO Young Liu stated in a New Year's message that the Taipei-based company may face a more difficult and challenging path ahead.