Foxconn’s revenue soars in the first quarter as the company remains cautious about geopolitics

Golden Ten Data reported on April 5 that Hon Hai Precision, the world’s largest contract electronics manufacturer, posted a 29.7% year-on-year increase in first-quarter revenue, mainly due to strong demand for artificial intelligence products. However, the company remains cautious about the “turbulent” global political climate. In a statement on Sunday, Hon Hai said that, as NVIDIA’s largest server manufacturer and Apple’s largest iPhone assembler, its first-quarter revenue soared to TWD 2.13 trillion (approximately USD 66.60 billion). This figure is slightly lower than analysts’ forecast of TWD 2.148 trillion. Robust AI demand drove strong growth in the company’s cloud computing and networking product segments. The company stated that thanks to the launch of new products, including iPhones, smart consumer electronics achieved “significant” growth. Revenue for March alone rose 45.6% year-on-year to TWD 803.7 billion, setting a record for the month. The company expects quarter-on-quarter and year-on-year growth in business for the second quarter, with AI racks maintaining a continuous growth trend. However, the company said it “still needs to pay attention to the impact of turbulence in the global political and economic situation,” without giving further details. Hon Hai’s share price has fallen 16% so far this year, underperforming the Taiwan Weighted Index’s 12% gain.