TAIPEI – Foxconn reported a 72% rise in first-quarter profit, its third consecutive increase in quarterly profit.

The company said its profit for the quarter rose to NT$22 billion ($679 million) from NT$12.8 billion ($395.7 million) in the same period the previous year.

Consumer electronics, including smartphones, accounted for 48% of the company's revenue in the quarter, while cloud and networking products, including servers, contributed 28%.

Foxconn said it expects revenue for the second quarter to grow from a year earlier, with revenue for smart computer electronics likely to be flat. The company said earlier this year that it expects a significant rise in revenue this year driven by booming demand for artificial intelligence servers.

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