Driven by booming orders for artificial intelligence (AI) servers, the world's largest contract electronics manufacturer, Foxconn (FXCOF, Financial), says revenue posted over the latest quarter is its highest ever. The company concluded its 2024 fourth quarter with revenue growth of 15.2 percent, to T$2.13 trillion, beating analyst estimates and setting a new high for the Taiwan-based tech giant.
Foxconn's AI servers division, the bulk of which resides in the company's cloud and networking products division, is largely driving this revenue jump based on strong AI server demand from customers such as AI chip leader Nvidia. However, in the quarter, the company's consumer electronics division, its main iPhone assembly business, grew at a flat rate compared with 2015.
Foxconn's total revenue reached T$654.8 billion in the month of December, up 42.3% year on year and the company's second-highest revenue generated in one month, as the Chinese tech manufacturing giant reported on Friday.
Foxconn cautioned, however, that the first quarter of 2025 will be slower, a typical time for the traditional off-season. However, the company remains bullish, forecasting strong year-over-year growth, with Q1 projected to be in line with the average of the last five years.
It was a year that saw Foxconn's share price surge 75 percent, well above the broader Taiwan market, which saw a 28 percent increase in 2024. Company officials would not disclose specific numerical forecasts but noted that their outlook is for more momentum but at lower rates as they move into the new year.
