Foxconn beats estimates with record third-quarter revenue on AI demand

Taiwan’s Foxconn, the world’s largest contract electronics maker, beat expectations to post its highest-ever revenue for the third quarter on strong demand for artificial intelligence (AI) servers.

Revenue for Apple’s biggest iPhone assembler jumped 20.2% year on year to T$1.85 trillion ($57.3 billion).

“The result exceeded the company’s original expectations of significant growth,” Foxconn said in a statement on Saturday.