Hon Hai Chairman Young Liu (second right) shakes hands with Nvidia CEO Jensen Huang (right) when the later stopped by the booth of Hon Hai’s cloud service subsidiary Ingrasys Inc. at the Computex in Taipei on Tuesday. CNA photo June 4, 2024

Taipei, June 5 (CNA) Taiwan-based manufacturing giant Hon Hai Precision Industry Co. reported its highest-ever May sales on Wednesday, driven by solid demand for AI-powered cloud products and solutions.

Hon Hai, an iPhone assembler also known as Foxconn on the global market, registered consolidated sales of NT$550.16 billion (US$17.00 billion) in May, up 22.06 percent from a year earlier.

That figure marks Hon Hai’s highest ever for the month of May and a 7.68 percent month-on-month increase, the report showed.

Of its four major business divisions, Hon Hai reported a significant monthly increase in sales of computing products in May due to the launch of new devices, while solid demand for AI-powered cloud-based items also boosted the revenue of its cloud and networking division compared with April.

However, sales in the company’s electronic components and smart consumer electronics segments remained flat.

In general, all four business divisions experienced robust growth compared to the previous year, Hon Hai reported.

In the first five months of 2024, Hon Hai’s consolidated sales stood at NT$2.38 trillion, up 1.73 percent year-on-year, breaking a four-month decline, the report showed.

The performance during the five-month period was boosted by strong AI server demand, as well as large numbers of orders and shipments for Hon Hai components and computing products, the company said.