The iPhone maker has bet big on India since it began iPhone assembly in the country in 2017, in line with the Indian government's push for local manufacturing

The Taiwanese firm said resumption of production at its Zhengzhou plant had seen a gradual recovery which has contributed to "double-digit growth"

Apple Inc’s stock market value dropped sharply on Tuesday following its steep drop last year, leaving it below $2 trillion for the first time since March 2021

Production at the factory is nearly back to normal but company officials remain cautious due to a spike in Covid infections across China

The announcement comes after reports last month that the Taiwan-based manufacturer plans to quadruple the workforce at its iPhone factory in India

Taiwan's TSMC plans to be able to deliver the advanced chips used in Apple's Macs, iPhones and iPads from its new Arizona super-plant by 2024.

Analysts at Piper Sandler are predicting Apple will sell 9 million fewer iPhones in this quarter as a result of China’s continuing Covid struggles

Foxconn's India expansion is central to Apple's efforts to shift production away from Covid-hit China

Foxconn has already taken a hit from Covid disruption at its key Zhengzhou factory, Nikkei Asia said

Foxconn is Apple's biggest iPhone maker, producing 70% of iPhone shipments globally, which in turn makes up 45% of the Taiwanese firm's revenue

Reports of Foxconn's Zhengzhou campus operating in a “production bubble” went viral on Chinese social media platforms

World's largest contract chipmaker TSMC is building a $12 billion semiconductor plant in US state of Arizona