Foxconn, an assembler of Apple and Nvidia products formally known as Hon Hai Precision Industry, said Sunday that quarterly revenue rose 15% on the year to 2.132 trillion New Taiwan dollars, equivalent to $64.75 billion. That marked its highest-ever fourth-quarter revenue and beat a FactSet-compiled estimate of NT$2.07 trillion.The company also forecast "significant growth" in first-quarter sales.Foxconn's December sales rose 42% to NT$654.83 billion, also beating FactSet-compiled estimates, while full-year sales rose 11% to a record NT$6.860 trillion.The Taiwan-listed company said it recorded annual sales growth in almost all of its major segments, driven by demand for AI servers. The expansion of its auto-related business, and strong demand for new computing products, also boosted sales.Annual and quarterly sales at Foxconn's smart-consumer-electronics segment, which includes smartphones, TVs, game consoles and others, slipped slightly, which it attributed to a high base effect a year earlier caused by delayed orders in 2022.The company is expected to post full fourth-quarter earnings results in mid-March.Foxconn's shares climbed 2.6% in Monday's trading.

Foxconn Posts Record Revenue For Fourth Quarter on AI Demand

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.