Apple rises as Foxconn reports December sales jump, key iPhone plant near 'normal'
Nikada/iStock Unreleased via Getty Images

Apple (NASDAQ:AAPL) shares rose nearly 1% in premarket trading on Thursday as its key manufacturing partner reported a jump in December revenue and said its primary iPhone manufacturing plant had "gradually returned to normal."
Foxconn, also known as Hon Hai Precision (OTCPK:HNHPF), said December revenue rose 14.2% month-over-month, but down 12.3% year-over-year to NT$ 629.3B ($20.51B). 
"As production and operations have gradually returned to normal at the Zhengzhou campus in December 2022, Components and Other Products and Smart Consumer Electronics Products delivered double digit growth [month-over-month]," Foxconn said in a statement.
Foxconn added that December revenue was the third-highest ever for the company and "better than expected" when compared to internal forecast.
Foxconn (OTCPK:HNHPF) also reported fourth-quarter revenue on Thursday, noting it came in at NT$ 1.957B, up 12.1% sequentially and 3.5% year-over-year. The figures were the company's second-highest ever for the same period.
A Foxconn source familiar with the matter told Reuters that the growth in December for its consumer electronics business showed Apple (AAPL) did not cut orders.
Foxconn (OTCPK:HNHPF) added that its outlook for first-quarter revenue is expected to be "roughly in line with market consensus," especially in light of production at its Zhengzhou plant having "basically returned to normal" in December.
The company's Zhengzhou plant is widely believed to be responsible for as much as 70% of Apple (AAPL) iPhone production.
In November, Apple (AAPL) warned of lower iPhone 14 shipments because of China's COVID-related lockdowns. Since then, China has abolished its lockdowns and relaxed many of its restrictions.


On Tuesday, it was reported that Foxconn's (OTCPK:HNHPF) plant in Zhengzhou was operating at roughly 90% capacity.