Foxconn, the world’s largest contract electronics manufacturer, has reported record revenue for the fourth quarter.
The Taiwan-headquartered company, known in Taiwan and China as Hon Hai Precision Industry Co, posted unaudited revenue of NT$2.1 trillion (approximately US$64.7 billion), marking a 15.2% year-over-year increase. Analysts had expected NT$2.1 trillion.
The significant revenue boost was primarily attributed to the surging demand for AI servers. Foxconn's cloud and networking products division, which includes AI servers, experienced robust growth during the quarter, with AI chip manufacturer Nvidia a key client.
In December 2024 alone, Foxconn generated revenue of NT$654.8 billion, marking a 42.3% increase compared to the same month in the previous year.
For the full year 2024, Foxconn's total sales increased by 11.4% to a record NT$6.86 trillion.
The company is set to report its full Q4 earnings on March 14.
Foxconn’s results, in addition to boosting the company’s US-listed shares by 1.9% at $184.50, lifted the shares of global chip stocks. Taiwan Semiconductor Manufacturing added 4.7%, Quanta Computer was up 1.7% and MediaTek added 4.4%.