TAIPEI (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)

(Reporting by Ben Blanchard; Editing by William Mallard)