TAIPEI, Taiwan – Foxconn, the world’s largest contract electronics manufacturer, announced record-breaking revenue for the fourth quarter of 2024, driven by robust demand for artificial intelligence (AI) servers.
The Taiwanese company, also known as Hon Hai Precision Industry, reported a 15.2% year-on-year increase in revenue, reaching T$2.13 trillion ($64.72 billion). The result exceeded market expectations, surpassing the T$2.1 trillion projection from the LSEG SmartEstimate, which places greater weight on forecasts from consistently accurate analysts.
In a statement released on Sunday, Foxconn attributed the strong performance to its cloud and networking products division, fueled by rising AI server demand. The division’s success is supported by key customers, including AI chipmaker Nvidia. Meanwhile, the company’s smart consumer electronics segment, which includes Apple’s iPhone, recorded “roughly flattish” growth compared to the previous year.
The company also reported impressive December revenue figures, with T$654.8 billion in sales—a 42.3% increase year-on-year and the second-highest total for the month on record.
Despite the record-setting quarter, Foxconn cautioned about a seasonal slowdown in the first quarter of 2025, noting that operations have entered a “traditional off-season.” However, the company remains optimistic, stating that first-quarter performance will align with the five-year average while showing significant growth compared to the same period last year.
Foxconn did not provide numerical forecasts for the upcoming quarter, as is customary for the company.
The company’s stock has been a standout performer, surging 76% in 2024 and significantly outpacing the broader Taiwan market’s 28.5% rise. However, Foxconn shares dipped 0.8% on Friday, just ahead of the revenue announcement, while Taiwan’s benchmark index gained 0.3%.
Foxconn’s full fourth-quarter earnings report is scheduled for release on March 14, offering a more detailed look at the company’s financial performance.
As the world’s largest electronics contract manufacturer and Apple’s primary iPhone assembler, Foxconn’s results underscore the growing demand for AI-driven technologies, even as other consumer electronics sectors show signs of plateauing. Analysts are closely watching the company’s outlook, particularly its ability to sustain growth in a challenging economic environment.
