Foxconn, the world’s largest electronics manufacturer, has set a new record for its highest-ever quarterly revenue, driven by the soaring demand for artificial intelligence (AI) servers. The company, which is the largest supplier of iPhones, reported a 20.2% year-on-year revenue growth in the third quarter of this year, according to Reuters.
Initially, Foxconn had set a target of 1.79 trillion New Taiwan dollars for the third quarter, but the company exceeded expectations, generating 1.85 trillion New Taiwan dollars (approximately $57.3 billion USD) during this period.
In a statement, Foxconn highlighted, “The substantial demand for AI servers has led to higher-than-expected revenue from our cloud and networking product division.” The company supplies AI chips to Nvidia.
Additionally, Foxconn reported strong earnings from its supply of iPhones and other Apple products.
