In fact, the Tame Apple Press (TAP) feels obligated to report Foxconn's results in a "glass half full" manner due to Apple's close links. For example, Foxconn's revenue last month fell by 11.65 per cent compared to the same period in 2022. However, TAP points out that the company's February revenue was still over $13 billion, making it the second-highest on record for that month. However, investors are not interested in decreasing profits as a sign of a healthy company, whatever TAPS might think.
The company reported an unaudited consolidated revenue of NT$ 1.01 trillion for February 2023, a decrease of 8.9 per cent from January 2023 and an increase of 12.6 per cent from February 2022.
Based on the revenue performance in the first two months of 2023, Foxconn said that it expects first quarter of 2023 to be in line with the market's bleak expectations.
Foxconn faced a manufacturing slump in the fourth quarter of 2022 when the company's largest factory in the world located in China's Zhengzhou was locked down due to COVID-related curbs. Factory workers protested the lockdowns that disrupted the manufacturing process as thousands of workers left the production lines of the factory. In January 2023, however, as Zhengzhou resumed its production, the revenue jumped by 48.2 per cent when compared to January 2022.
Foxconn says that it expects a strong recovery in the second quarter of 2023 as it ramps up production of new products and expands its market share in various segments.1