iPhone Maker Foxconn Records 48% Revenue Jump

According to Reuters, iPhone Maker Foxconn, the world’s largest contract electronics manufacturer and Apple’s primary iPhone manufacturer, reported a 48.2% increase in annual revenue (Opens in a new window).

According to a business statement obtained by Reuters, January revenue came in somewhat higher than expected based on market expectations for the first quarter of 2023.

The first-quarter outlook will probably meet market expectations.

The increase in revenue occurred despite COVID problems in China, where its largest facility was shut down last year.

The Zhengzhou facility has recently experienced an upsurge in exports and a return to normal operations as a result of January’s record-breaking $22 billion in revenue.

According to Reuters, the corporation, which makes about 70% of all iPhones currently in use, also declared in a statement that its revenue increased by 4.93% from December to January, with smartphones and computing devices experiencing “strong double-digit growth.”

Foxconn is anticipated to increase its revenue by 4% year over year in the first quarter, per market research company Refinitv.

iPhone Maker Foxconn shares have decreased 0.3% so far this year, despite revenue growth and a return to regular manufacturing circumstances as a result of China easing COVID-related lockdowns and limitations.

Workers at the largest iPhone plant in the world, the company’s Zhengzhou site, fled a suspected COVID epidemic in October of last year by scaling fences and slopes.

Foxconn is anticipated to increase its revenue by 4% year over year in the first quarter, per market research company Refinitv.