TAIPEI – Foxconn announced January revenue of NT522.1 billion ($16.66 billion), down 20.9% year-over-year but up 13.5% compared to December's total.

The company said January's revenue was the second-highest revenue it has reported for the month, with January 2023 being the highest at NT660.4 billion ($21 million).

Foxconn said its smart consumer electronics delivered strong growth in January due to strong customer pull-in month-over-month, while computing products had significant growth due to higher demand. Growth in cloud products was offset by weakening demand for its networking products, resulting in flat performance month-over-month, and revenue for components and other products declined from the previous month.

Revenue in components and other products showed strong growth year-over-year in January, while cloud and networking revenue had significant growth. Computing products declined slightly, while smart consumer electronics products declined year-over-year.

Foxconn said the first quarter's revenue is anticipated to be lower than the first quarter of 2023, as factories resumed normal operations following the COVID-19 pandemic, leading to increased shipments.

"The outlook for the first quarter of this year is expected to decrease year-on-year," the company said.

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