Taiwan's Foxconn, the world’s leading contract electronics manufacturer, exceeded expectations with record-breaking fourth-quarter revenue, driven by strong demand for AI servers.

The company's revenue surged 15.2% year-on-year to T$2.13 trillion ($64.72 billion), surpassing the T$2.1 trillion estimate by LSEG SmartEstimate, which prioritizes reliable analyst predictions. Foxconn, Apple's largest iPhone assembler, credited robust AI server demand for the growth in its cloud and networking division, bolstered by customers like Nvidia.

Revenue from smart consumer electronics, including iPhones, remained relatively stable compared to the previous year. December alone saw revenue climb to T$654.8 billion, a 42.3% year-on-year increase, marking the second-highest level ever for the month.

Looking ahead, Foxconn acknowledged entering the traditional off-season in Q1 2025. Despite this, the company expects quarterly performance to align with five-year averages and show notable year-on-year growth, even after achieving record-high revenue in Q4 2024.

Foxconn, officially known as Hon Hai Precision Industry, refrains from issuing numerical forecasts. Its shares soared 76% in 2024, significantly outpacing the 28.5% rise in Taiwan's broader market. The stock dipped 0.8% on Friday, ahead of the revenue announcement. Full fourth-quarter earnings are slated for release on March 14.