Foxconn Q1 Revenue Jumps on AI

Foxconn, the world's largest contract electronics maker, reported a 29.7% year-on-year increase in its first-quarter revenue, reaching T$2.13 trillion ($66.60 billion). This growth was primarily fueled by strong demand for artificial intelligence products in its cloud and networking division, as well as significant growth in smart consumer electronics, including iPhones, due to new product launches. Despite the positive revenue report, Foxconn cautioned about the impact of the volatile global political and economic situation, with Chairman Young Liu specifically mentioning the war in the Middle East as a major external challenge. The company expects operations to grow in the second quarter, particularly in AI server racks. Foxconn's shares have underperformed the Taiwan market this year, dropping 16% compared to the market's 12% rise.