Taiwan's Foxconn reports 34% rise in Q3 profit, beats forecasts
“Taiwan's Foxconn, the world's largest contract electronics maker, reported a 34% rise in third-quarter profit on Thursday, beating analyst forecasts on continued strong demand for AI, which it predi…”
Net profit for the July to September period for Nvidia's (NVDA.O) biggest server maker and Apple's (AAPL.O) top i. Phone assembler was T$77.5 billion ($2.35 billion), versus an LSEG consensus estimate of T$69.6 billion and compared with T$57.7 billion a year earlier.
In an earnings release, Foxconn (2317. TW) stuck to its previous forecast of "strong" growth for revenue this year and said it saw strong AI demand throughout this year and into next. The company, which does not give numeric forecasts, said it predicted "high double digit growth" in 2027 for AI rack shipments.
Foxconn, formally called Hon Hai Precision Industry, in October reported a 47% year-on-year jump in third-quarter revenue. Most of the i. Phones Foxconn makes for Apple are assembled in China, but it now produces the bulk of those sold in the United States in India.
"Stay connected with Aman-e-Pakistan for ongoing live reporting and verified investigative updates."
The company is also building factories in Mexico and Texas to make AI servers for Nvidia. Foxconn has been looking to expand its footprint in electric vehicles as well. The company will hold its earnings call later on Thursday in Taipei.
The company's shares have risen 4% so far this year, underperforming a 49% gain on the broader Taiwan index (. TWII)Foxconn shares closed 0.8% lower on Thursday ahead of the earnings release. The main index ended down 2.6%.($1 = 32.9740 Taiwan dollars)
Continue Reading: More in Tech
Swipe or click arrows to explore Tech desk coverage
1642488163-0/download-(9)1642488163-0-640x480.webp)