Foxconn achieves record revenue in Q4 ‘24
Taiwan’s Foxconn, the world’s largest contract electronics manufacturer, reported on Sunday its highest-ever quarterly revenue in the fourth quarter of 2024, driven by robust demand for artificial intelligence (AI) servers.
Revenue for the period surged by 15.2 per cent year-on-year to T$2.13 trillion (£64.72 billion), exceeding market expectations. The figure surpassed the T$2.1 trillion forecast from LSEG’s SmartEstimate, which places greater emphasis on consistently accurate analyst predictions.
Foxconn, Apple’s primary iPhone assembler, credited its cloud and networking products division for the impressive performance, citing strong demand for AI servers. Key customers in this area include AI chip giant Nvidia.
However, the company noted “roughly flattish” year-on-year growth in its smart consumer electronics division, which includes iPhones.
Record-Breaking December Performance
Foxconn also reported a remarkable revenue figure for December 2024, reaching T$654.8 billion—a 42.3 per cent increase compared to the same month in 2023. This marks the second-highest revenue level ever recorded for December.
Outlook for Q1 2025
Despite the record-breaking performance in the fourth quarter, Foxconn anticipates a seasonal slowdown in the first quarter of 2025.
“Overall operations have gradually entered the traditional off-season,” the company said in its outlook. While first-quarter performance is expected to align with average levels seen over the past five years, it is projected to show significant year-on-year growth.
Foxconn, formally known as Hon Hai Precision Industry, refrained from providing detailed numerical forecasts.
Stock Performance
Foxconn’s shares surged 76 per cent in 2024, significantly outperforming the broader Taiwan market, which gained 28.5 per cent . On Friday, prior to the revenue announcement, Foxconn shares fell 0.8 per cent , while the benchmark index rose by 0.3 per cent .
Upcoming Earnings Report
Foxconn plans to release its full fourth-quarter earnings report on 14 March 2025.
Attribution: Reuters
