Apple supplier Foxconn turns bullish on 2024 – thanks to booming demand for AI servers

The logo of electronics contract manufacturer Foxconn Technology Group, formally known as Hon Hai Precision Industry, is displayed at its headquarters in Taipei. Photo: Agence France-Presse
Major Apple assembler Foxconn is taking a significantly more bullish outlook for this year, saying on Thursday that it expected a significant rise in revenue driven by booming demand for artificial intelligence servers.
Yimou Lee and Faith Hung for Reuters:
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The upbeat tone comes after a forecast-beating 33% jump in net profit for the fourth quarter. It also contrasts sharply with remarks by Foxconn Chairman Young Liu in November that the world’s largest contract electronics maker had “relatively conservative and neutral” expectations for 2024.
“We see very strong demand for AI servers from our clients,” Liu told an online earnings conference, adding that he expects the business to have revenue growth of more than 40% this year.
The AI server market was likely to see 30% growth each year between 2023 and 2025, and Foxconn’s growth would be in line with that or even higher, he said.
Although it expects healthy growth over 2024, Foxconn cautioned that first-quarter revenue was set to come in lower than the same period a year ago when sales surged after pandemic restrictions were lifted in China.

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