Foxconn’s August revenue soars 33% on AI server demand

Foxconn Technology’s (OTCPK:FXCOF) August revenue jumped 32.81% year-over-year driven by demand for servers powering AI products.

Outlook: The Apple (AAPL) supplier — which is formally known as Hon Hai Precision (OTCPK:HNHAF) (OTCPK:HNHPF) — said that the third quarter is expected to generate growth compared to the second quarter and the same period last year. However, the current visibility is better than previously estimated.

During its second quarter earnings in August, the iPhone assembler said that for the full-year 2024, due to the strong demand for AI servers, the outlook for significant growth was unchanged, but with better visibility.

August revenue: Revenue surged 32.81% year-over-year to NT$548.31B, reaching the highest figure for the same period in history. However, the revenue was down -4.20% month-over-month. In July, the company had generated NT$572.35B.

Month-over-month: Foxconn said Computing

Products, Cloud and Networking Products, and Components and Other Products remained flattish month-over-month, while Smart Consumer Electronics showed a slight decline compared to the previous month.

Year-over-year: The company noted due to the increased demand for AI server, revenue for the Cloud and Networking Products segment saw strong growth. Meanwhile, Smart Consumer Electronics, Computing Products, and Components and Other Products all showed strong growth year-over-year.