Apple supplier Foxconn, the world’s largest contract electronics manufacturer, reported record monthly revenue in July, driven by robust demand for artificial intelligence products.
The Taiwanese company, formally known as Hon Hai Precision Industry, said July sales reached T$946.5 billion ($27.93 billion), a 54.2% increase from a year earlier. It marked the first time monthly revenue surpassed T$900 billion.
Foxconn, a major supplier to both Apple and Nvidia, attributed the strong performance largely to its cloud and networking products division, which includes AI servers. The unit benefited from “strong pull-in momentum for AI products.” Its smart consumer electronics division, which covers smartphones, also delivered solid growth.Looking ahead to the third quarter, Foxconn said AI rack shipments are expected to keep rising, while operations should gain further momentum as information and communication technology products enter their traditional peak season.
The company anticipates both sequential and year-over-year growth in the quarter but cautioned that it remains necessary to monitor the impact of volatile global political and economic conditions.
MacDailyNews Note: Foxconn does not provide numerical forecasts. It is scheduled to report full second-quarter earnings on August 12. Shares of Foxconn closed 3.4% higher on Wednesday before the revenue figures were released, outperforming the broader Taiwanese market’s 2.9% gain.
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