Foxconn Q1 Revenue Jumps on AI Demand

Foxconn, the world's largest contract electronics manufacturer, reported a significant 29.7% year-on-year increase in its first-quarter revenue, reaching T$2.13 trillion ($66.60 billion). This growth was primarily fueled by robust demand for artificial intelligence products and new launches in smart consumer electronics, including iPhones, for clients like Nvidia and Apple Inc.. Despite this strong financial performance, Foxconn's shares have declined by 16% this year, underperforming the Taiwan market. Chairman Young Liu also highlighted concerns about the volatile global political and economic situation, particularly the conflict in the Middle East, as a major external challenge. The company expects continued growth in the second quarter, especially in AI server racks, and will release its full first-quarter earnings on May 14.