TAIPEI – Foxconn reported that revenue in February fell 11.65% year-on-year due to weakness in smart consumer electronics, but the company stuck to its first quarter outlook.

Despite the decline, the world's largest iPhone assembler's February revenue was still the company's second-highest on record for February at T$402.0 billion ($13.18 billion), as operations returned to normal at the COVID-disrupted Zhengzhou campus in China, Foxconn said in a statement.

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. Compared to the previous month, revenue dropped 39.12%, although cumulative sales for the first two months of the year jumped on-year 17.94% after a strong January, and Foxconn said it expects revenue to remain on target for the first quarter.

"Based on the revenue performance in the first two months, the outlook for first quarter 2023 is roughly in line with market expectation," the statement said.

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