Hon Hai Sales Beat Escalating Estimates as AI Business Takes Off

Hon Hai Precision Industry Co.’s June-quarter sales outperformed analysts’ rising expectations on the strength of the company’s growing AI server business.

The iPhone assembler, also known as Foxconn, said Friday that its revenue in June was NT$490.7 billion ($15.1 billion), making for a total of NT$1.55 trillion for the quarter, up 19%. An average of analyst estimates pointed to a 13.8% rise, with expectations growing after Hon Hai said a month earlier that it expected the AI business to help it beat estimates for the quarter.