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Apple (NASDAQ:AAPL) stock is trading modestly higher in premarket Tuesday after Reuters reported that the world’s largest iPhone plant is almost back to full production.
Foxconn’s (TW:2354) factory in Zhengzhou city is now back to 90% of its full capacity.
“Production has almost fully resumed,” Reuters cited a source with direct knowledge of the matter.
The Zhengzhou plant’s output has suffered a substantial hit after a massive COVID-19 outbreak. Moreover, employees at the plant staged protests over unresolved payments with Foxconn forced to offer bonuses to attract new workers.
Reuters reported earlier that Foxconn was looking to resume full production by early January.
Several Apple analysts cut their estimates and price targets on the iPhone maker, citing supply issues in China. As a result, Apple stock closed over 12% lower in December.
