TAIPEI – Foxconn announced NT$1.85 trillion ($57.3 billion) in revenue for the third quarter, a 20.2% increase and the highest revenue the company has ever reported for the quarter.

The company said the revenue growth came in its cloud and networking products division from strong AI server demand. Consumer electronics, including iPhones, saw a strong quarter-on-quarter growth, but year-on-year performance was flat.

For September, revenue totaled NT$733 billion ($22.8 billion), up 10.9% year-on-year and the second-highest ever level for the month.

“Entering the peak season in the second half of the year, we anticipate our operation to gradually gain momentum,” Foxconn said. “The fourth quarter is expected to be roughly in line with current market expectations.”