TAIPEI – Foxconn reported a 19% year-over-year increase in quarterly revenue, totaling NT$1.55 trillion ($48.1 billion), driven by its cloud and networking products segment amid strong AI server demand.

The company's net profit for the quarter rose to NT$35.05 billion ($1.09 billion), up 6% from the same period last year.

The company said AI server sales rose 60% sequentially in the second quarter, making up more than 40% of the revenue in the cloud and networking business. The cloud and networking segment is now Foxconn's second-biggest source of revenue after consumer electronics, and the company said it expects AI demand to continue to drive sales growth. The company is also preparing to ship new products in its consumer electronics segment, and said it expects that segment to also deliver strong growth in the third quarter.