TAIPEI – Foxconn said June sales jumped 31% year-over-year to a record high for the month, and the firm is raising its full-year outlook thanks to strong sales of smartphones and servers, despite concerns of slowing demand due to rising inflation.

The firm attributes its increased forecast to appropriate supply chain management and rising sales of consumer electronics. Smartphones make up the majority of the company’s revenue.

Foxconn is optimistic about its third quarter, expecting “significant growth” compared with a year earlier, according to reports.

The company has seen year-to-date double-digit growth in sales from servers and telecommunications products, and it said Covid-19 controls in China only had a limited impact on production.