TAIPEI (Taiwan News) — Foxconn reported Saturday a consolidated revenue of NT$552.1 billion (US$16.7 billion) for March, up 0.13% from last month and 23.37% year-over-year.

According to a press release, Q1 revenue reached NT$1.64 trillion, down 22.98% quarter-over-quarter but up 24.2% year-over-year, setting a record for the period.

Strong demand for AI-related products in cloud computing and computer terminals accounted for the growth, per CNA. However, consumer smart device sales dipped compared to February.

US President Donald Trump announced far-reaching tariffs on April 2, which could significantly affect global electronics production. China, home to much of Apple’s supply chain and Foxconn’s operations, now faces a combined 104% tariff.

Analysts estimate that over 70% of Foxconn’s manufacturing remains in China, with more than 20% in other countries, CNA reported. The non-China share is projected to rise to 30% by 2026 as the company diversifies its production footprint.

Looking to Q2, Foxconn expects cloud product demand to remain strong despite the traditional low season and product transitions. The company forecasts year-over-year revenue growth but remains cautious due to geopolitical and economic uncertainties.