Robert Way
Foxconn Technology (OTCPK:FXCOF) maintained the operations outlook for the second quarter, which was for both quarter-over-quarter and year-on-year growth.
However, the Apple (AAPL) supplier — which is formally known as Hon Hai Precision (OTCPK:HNHAF) (OTCPK:HNHPF) — added that due to higher-than-expected demand from AI servers, the second quarter is expected to beat expectations.
The second quarter remains a traditional off-peak season, and major products were entering a period of transition between old and new products, according to the company.
Foxconn said revenue for May reached a record high for the same period.
May revenue surged 22.06% year-over-year to NT$550.2B, while it was up 7.68% month-over-month. April revenue was NT$510.9B.
Month-over-month:
Foxconn said Computing Products segment benefited from new product launch, and revenue showed strong growth in May.
The company added that due to strong AI server demand, Cloud and Networking Products’ revenue delivered significant growth month-over-month.
In the Components and Other Products segment, the components shipment related to core business grew, while non-core business demand declined.
Revenue was flat in May for both the Components and Other Products segment and the Smart Consumer Electronics divisions.
Year-over-year: The company noted that Computing Products, Cloud and Networking Products, as well as Component and Other Products delivered strong growth year-over-year in revenue, while Smart Consumer Electronics was flat.
Cumulative revenue in the first five months of 2024 has risen 1.73% year-over-year to NT$2.383T.
Foxconn is scheduled to report monthly revenue report for June on July 5.
