Q1 net profit T22.01 bln vs T29.31 bln analysts forecast
Q1 net profit up 72 yearonyear

TAIPEI, May 14 Reuters Apple supplier Foxconn reported a 72 rise in firstquarter profit, boosted by strong demand for AI servers and coming off a low base from the period a year earlier, but the growth was lower than expected.

The Taiwanese company, the world39;s largest contract electronics maker, said net profit for the JanuaryMarch quarter rose to T22.01 billion 679 million from T12.8 billion in the same period the previous year, when earnings were hit by a T17.3 billion writedown related to its 34 stake in Japanese electronics maker Sharp Corp.

While the profit missed the T29.31 billion forecast by analysts, it was Foxconn39;s third consecutive quarterly profit rise.

In the first quarter, consumer electronics including smartphones accounted for 48 of its revenue while cloud and networking products, including servers, contributed 28.

Foxconn said it expects revenue for the second quarter to grow significantly from a year earlier, broadly in line with previous guidance, with revenue for smart computer electronics likely to be flattish. It does not provide numerical guidance.

The company, formally called Hon Hai Precision Industry Co Ltd, said in March that it expected a significant rise in revenue this year driven by booming demand for artificial intelligence servers.

Apple39;s quarterly results and forecast beat modest expectations this month, and CEO Tim Cook said revenue…