Foxconn Technology Group’s business segment that includes AI servers became its top revenue contributor for the first time, overtaking the sector that includes smartphones, as the world’s largest contract electronics maker reported another quarter of robust results.

Foxconn's net profit for the second quarter came in at NT$44.36 billion, beating LSEG's SmartEstimates of NT$38.81 billion. The company forecasted that revenue from its AI server business would grow over 170% year over year in the current quarter.

Foxconn, also known as Hon Hai Technology Group, reported a 27% rise in quarterly profits as demand for AI servers grows. The company expects year-on-year AI server revenue growth of more than 170% in the third quarter.