Celestica Inc. raised its full-year revenue forecast for the third time in a row as demand grows for its cloud-computing segment.

The Toronto-based firm, which manufactures components such as microchips for artificial intelligence hardware, now expects its revenue to reach nearly $11.6 billion in 2025. The $700 million boost is Celestica’s biggest quarterly guidance upgrade since it introduced its $10.4 billion revenue outlook for 2025 in October.

Total revenue grew by double digits in the second quarter to nearly $2.9 billion, which Chief Executive Officer Rob Mionis said exceeded the company’s guidance range.

Celestica’s cloud-computing segment revenue rose 28% from a year ago, reaching $2.1 billion in the quarter as demand for servers and cloud storage ballooned, the company said in a statement. Celestica is one of the few Canadian names that rallied on the AI wave, with its Toronto-traded shares soaring by more than 850% over the past two years. The tech firm’s market capitalization is now almost C$30 billion ($21.8 billion).

The company earned $1.39 per share in the second quarter, exceeding the $1.23 expected by analysts in a Bloomberg survey.

Celestica’s US shares were up 11.9% in extended trading.