TAIPEI – Foxconn's January revenue rose 3.16% year-over-year to NT$538.7 billion ($16.4 billion), the second-highest total the company has reported for the month.

The company said its Cloud and Networking Products segment showed strong year-over-year growth due to demand from AI servers, while revenue from Components and Other Products grew because of an increase in shipments of key components and growth in automotive-related business. Computing Products was flattish, and Smart Consumer Electronics declined compared to the same period a year ago, Foxconn said.