Taiwanese contract electronics manufacturer Foxconn reported a record monthly revenue in July, surpassing T$900 billion ($27.93 billion) for the first time. The company’s revenue rose 54.2% from a year earlier to T$946.5 billion, driven by strong demand for AI products.

Its cloud and networking products division, which includes AI servers, saw strong growth, benefiting from “strong pull-in momentum for AI products”. The company’s smart consumer electronics division, which includes smartphones, also posted strong growth.

Looking ahead to the third quarter, Foxconn expects AI rack shipments to maintain growth, and operations to gradually gain momentum as ICT products enter peak season. The company expects both quarter-on-quarter and year-on-year growth in the third quarter, but remains cautious about the impact of the volatile global political and economic situation.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.