Foxconn reported a 24.2% rise in Q1 sales, reaching NT$1.64 trillion (US$49.8 billion). The growth, driven by strong demand for data center products like AI servers, marks its fastest revenue increase since 2022.

However, it slightly missed analysts’ estimates of NT$1.65 trillion (US$50 billion).

Foxconn, a key supplier for Nvidia’s AI servers and Apple’s iPhones, expects continued growth in cloud and networking products in Q2.

The company remains cautious due to global economic and political risks, including US tariffs on Chinese and Vietnamese exports.

Tariffs, 54% on Chinese goods and 46% on Vietnamese, could cause nearly US$100 billion in losses for the global tech sector this year. Apple’s reliance on Chinese production makes it especially vulnerable.

In response, Foxconn is expanding operations in the US and Mexico, including a new server plant in Houston, Texas, with Apple.

Recent Foxconn developments