Foxconn reported record revenue of US$57.3 billion for the third quarter of this year, growing 20.2% compared to the same period last year, as the increase was fueled by soaring demand for AI servers.

In a statement released Saturday, Foxconn said this growth exceeded expectations.

Its cloud and networking products division benefited significantly from partnerships with AI chip manufacturers such as Nvidia.

In addition to robust sales in the AI sector, Foxconn also recorded quarter-on-quarter growth in its smart consumer electronics segment, particularly in iPhone assembly for Apple.

Although year-on-year performance in this segment remained flat, seasonal demand leading into the holiday shopping period is expected to drive increased production.