Apple Supplier Foxconn Smashes Q2 Revenue Records on AI Boom

July 7 - Foxconn Technology (FXCOF) posted record second?quarter revenue of NT$1.797 trillion, up about 16% year?on?year and 9% quarter?on?quarter.

Hon Hai Precision said strong demand for artificial?intelligence products drove growth in its Cloud and Networking Products segment, while Components and Other Products also saw solid gains.

Expressed in U.S. dollars, revenue climbed roughly 18.6% from a year earlier and rose about 14.1% sequentially. The figures surpassed company expectations for annual comparisons and matched forecasts on a quarterly basis.

The Smart Consumer Electronics unit, boosted by new entertainment devices, was held back by currency swings and showed little change year?on?year. Computing Products revenue dipped slightly over the same period.

Looking ahead to the third quarter, the Apple AAPL supplier expects both quarter?on?quarter and year?on?year growth as information?and?communication?technology products enter peak season. It noted, however, that geopolitical tensions and exchange?rate fluctuations will require close monitoring.

In June alone, Foxconn's revenue reached NT$540.24 billion, the highest on record for the month, despite a 12% drop from May. The company's six?month cumulative revenue of NT$3.44 trillion marked a new first?half high. Concluding its outlook, Foxconn reiterated its commitment to navigating external risks while capitalising on AI demand.