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Q1 revenue surges 24.2% y/y to $49.5 billion

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Foxconn says it must carefully monitor global political

conditions

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Taiwan company a major Apple ( AAPL ), Nvidia ( NVDA ) supplier

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Foxconn has large manufacturing footprint in China

(Recasts, updates throughout)

TAIPEI, April 5 (Reuters) - Taiwan's Foxconn, the

world's largest contract electronics maker, posted its highest

first-quarter revenue ever on strong demand for artificial

intelligence products but said it would need to closely watch

global politics.

Revenue for Apple's ( AAPL ) biggest iPhone assembler jumped

24.2% year-on-year to T$1.64 trillion ($49.5 billion), Foxconn

said in a statement on Saturday, just missing the

T$1.68 trillion LSEG SmartEstimate, which gives greater weight

to forecasts from analysts who are more consistently accurate.

Robust AI demand led to strong revenue growth for its cloud

and networking products division, said Foxconn, whose customers

include AI chip firm Nvidia ( NVDA ).

For smart consumer electronics, which includes iPhones,

there was "flattish" year-on-year growth, it said.

March revenue rose 23.4% on year to T$552.1 billion, a March

record.

Foxconn said it anticipates growth this quarter from the

previous three months and from the same period last year but

warned: "The impact of evolving global political and economic

conditions will need continued close monitoring."

It did not elaborate.

U.S. President Donald Trump this week slapped additional 34%

tariffs on Chinese goods, bringing the total new levies this

year to 54% on the country. The Chinese city of Zhengzhou is

home to the world's largest iPhone manufacturing facility,

operated by Foxconn.

Trump also put a 32% tariff on Taiwan, though the bulk of

Foxconn's factories are located overseas.

The company, formally called Hon Hai Precision Industry ( HNHPF ),

does not provide numerical forecasts. It reports full first

quarter earnings on May 14.

Foxconn's shares jumped 76% last year, far outperforming the

28.5% rise for the Taiwan market, but are down 17% so

far this year, mirroring broader pressure on tech stocks rattled

by Trump's tumultuous trade policy.

The stock closed up 1% on Wednesday ahead of the revenue

data release, compared with a 0.1% gain for the benchmark index.

Taiwan's financial markets were closed on Thursday and Friday

for a holiday.

($1 = 33.1610 Taiwan dollars)