Foxconn beats estimates with record fourth-quarter revenue on AI demand

TAIPEI: Taiwan’s Foxconn, the world’s largest contract electronics maker, beat expectations to post its highest-ever revenue for the fourth quarter on continued strong demand for artificial intelligence (AI) servers.

Revenue for Apple’s biggest iPhone assembler jumped 15.2% to T$2.13 trillion ($64.72 billion), Foxconn said in a statement on Sunday.

It was also ahead of a T$2.1 trillion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate.

Robust AI server demand led to strong revenue growth for its cloud and networking products division, said Foxconn, whose customers include AI chip firm Nvidia.

For smart consumer electronics, which includes iPhones, there was “roughly flattish” year-on-year growth, it said.