TAIPEI (Taiwan News) — Foxconn announced Sunday that its December revenue was NT$654.8 billion (US$19.9 billion), a 42.31% year-on-year increase.

According to a press release, the electronics manufacturer’s 2024 consolidated revenue was NT$6.85 trillion, marking an 11.37% year-over-year increase and a historic high, per CNA. The company’s Q4 2024 revenue was NT$2.13 trillion, a 15.17% year-on-year growth, surpassing expectations, per Reuters.

Foxconn said the growth stems from strong AI server demand. Nvidia’s GB200 servers began limited shipments in December, with mass production expected to begin in late January, it added.

Looking to Q1, Foxconn said operations are entering the traditional off-season and subsequent quarters should show growth. The iPhone assembler’s shares shot up 76% last year compared to the year prior, outperforming the broader Taiwan market by 28.5%.

Foxconn Chair Young Liu (劉揚偉) said at a meeting on Friday that the company’s revenue for this year is set to exceed NT$7 trillion.