Taiwan’s Foxconn, the world’s largest electronics maker, beat expectations by posting its highest-ever fourth-quarter revenue on continued strong demand for artificial intelligence (AI) servers.
The iPhone maker’s internal revenue jumped 15.2% to $64.72 billion, compared with an LSEG SmartEstimate of $37.2 billion.
Robust AI server demand led to strong revenue growth for its cloud and networking products division, especially for its top customer, AI chip firm Nvidia.
For smart electronics like the iPhone, annual growth has remained flat.
Total revenue in December alone hit $20.3 billion, up 42.3% year-on-year and the second-highest for the month.
Foxconn shares have surged 76% in the past year, outperforming a 28.5% gain for the broader Taiwanese market.
They closed down 0.8% on Friday ahead of the earnings release, compared with a 0.3% gain for the benchmark index.
Foxconn will report its full fourth quarter earnings on March 14.
