Taiwan tech giant Foxconn’s Q1 profit soars

[TAIPEI] Taiwanese tech giant Foxconn said on Wednesday (May 14) its first-quarter net profit soared 91 per cent, beating expectations, on strong demand for artificial intelligence servers.

The world’s biggest contract electronics manufacturer has been moving beyond assembling devices such as Apple’s iPhones into areas ranging from electric vehicles to AI servers.

The company said net profit in the first three months rose 91 per cent year-on-year to NT$42.1 billion (S$1.8 billion).

That compares with an average forecast of NT$35.5 billion, according to a Bloomberg News survey of analysts.

Revenue in the three-month period increased 24 per cent from a year ago to NT$1.6 trillion.

Foxconn, also known as Hon Hai Precision Industry, has been riding a wave of global demand for generative AI technology in recent years.

The earnings announcement covers the period before US President Donald Trump’s global tariff blitz sent global markets into freefall.

Trump announced hefty tariffs against US trade partners on April 2 before pausing them for 90 days, including a 32 per cent duty on Taiwanese imports, but excluded semiconductors.

While Foxconn has plants around the world, the bulk of its operations is based in China, which were hit by 145 per cent US tariffs until the two countries agreed this month to drastically reduce levies for 90 days. AFP