TAIPEI, March 14 Reuters Apple supplier Foxconn said on Thursday it expects revenue to increase significantly in 2024 following a slow start to the year amid booming demand for AI servers, after it posted fourthquarter profit that beat market estimates.

The outlook has turned rosier since Foxconn Chairman Young Liu said in November the world39;s largest contract electronics maker had relatively conservative and neutral expectations for 2024.

The Taiwanese company said OctoberDecember net profit jumped 33 to T53.14 billion 1.69 billion from T40 billion in the same period the previous year thanks to robust demand for AI servers and strong sales during the peak yearend holiday season.

The profit beat a T43.52 billion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate.

In the fourth quarter, consumer electronics including smartphones accounted for 58 of revenue while cloud and networking products, including servers, contributed 20.

Foxconn said it expects revenue for the first quarter to slightly decline from a year earlier, with revenue for smart computer electronics also likely to drop in the period.

The company, formally called Hon Hai Precision Industry Co Ltd, has said it expects slowness in this year39;s first quarter to be similar to the same period of the previous three years.

Still, it sees 2024 revenue increasingly significantly yearonyear, it said.

The first quarter is traditionally quieter than the…