Foxconn, a Taiwan electronics contract manufacturer and significanlt Apple Inc (NASDAQ:AAPL, ETR:APC) supplier, reported record revenue for March.
The company, formally known as Hon Hai Precision Industry Co, saw its March revenue grow 23.4% year-over-year to NT$552.1 billion driven by demand for AI-related products.
For the first quarter, revenue increased by 24.2% year-over-year reaching NT$1 trillion, its highest-ever quarterly revenue.
Foxconn said it expects to grow its revenues quarter over quarter, with Cloud and Networking growth offsetting the impact of product transitions in other categories.
However, the company noted it would need to pay attention to the global and political situation amid volatility stemming from US president Donald Trump’s new tariffs.
Analysts at Wedbush noted that before the tariffs, they would have viewed Foxconn’s results as “largely positive” for tech firms, particularly Nvidia given the apparently continued ramp of Blackwell supporting AI server revenue growth.
“However, the uncertainty for the world economy following 'Liberation Day' minimizes any readthroughs from Q1 results,” they explained.
“And while Foxconn’s expectation of growth in Q2, despite economic headwinds, might be viewed as a slight relief, we believe until investors get greater clarity around both worst-case scenarios for Q2 and the longer-term health of a worldwide economy built on globalization.”
Shares of Hon Hai Precision Industry, listed on the Taiwan Stock Exchange, finished Monday’s trading day 9.8% lower.