Taiwan’s Foxconn, the world’s largest contract electronics manufacturer and key supplier for Apple, reported record fourth-quarter revenue, largely driven by strong demand for artificial intelligence (AI) servers. For the quarter, Foxconn’s revenue surged by 15.2% to 2.13 trillion New Taiwan dollars (approximately $64.72 billion), surpassing analyst expectations which projected 2.1 trillion New Taiwan dollars. Notably, the increase was fueled by a boom in its cloud and networking products division, driven by partnerships with firms like Nvidia. However, growth for its consumer electronic segment, including iPhones, remained stagnant compared to the previous year.
In December alone, Foxconn’s revenue reached 654.8 billion New Taiwan dollars, marking a 42.3% year-on-year increase. Looking ahead, Foxconn indicated that operations are entering a traditional off-season in the first quarter of 2025, predicting revenue levels similar to the average of the past five years but still higher compared to last year. The company’s shares rose 76% over the past year, significantly outperforming the broader Taiwan market, which gained 28.5%. Foxconn is set to announce its complete fourth-quarter earnings on March 14.
