Foxconn reports record Q1 revenue, says it must closely watch global politics

Robust AI demand led to strong revenue growth for its cloud and networking products division, said Foxconn.

Taiwan's Foxconn, the world's largest contract electronics maker, posted its highest first-quarter revenue ever on strong demand for artificial intelligence products but said it would need to closely watch global politics.

Revenue for Apple's biggest iPhone assembler jumped 24.2% year-on-year to T$1.64 trillion ($49.5 billion), Foxconn said in a statement on Saturday, just missing the T$1.68 trillion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate.

Robust AI demand led to strong revenue growth for its cloud and networking products division, said Foxconn, whose customers include AI chip firm Nvidia.

For smart consumer electronics, which includes iPhones, there was "flattish" year-on-year growth, it said.

March revenue rose 23.4% on year to T$552.1 billion, a March record.

Foxconn said it anticipates growth this quarter from the previous three months and from the same period last year but warned: "The impact of evolving global political and economic conditions will need continued close monitoring."

It did not elaborate.