TAIWAN: Foxconn, the world’s largest contract electronics manufacturer, reported a 14 per cent rise in quarterly profits for the July to September period on Thursday. The company, which supplies major firms like Apple and Nvidia, said it expects strong growth in its artificial intelligence (AI) server business next year, as reported by Channel News Asia.
The company maintained its 2024 forecast of “significant” sales growth and projected that AI servers would account for 50% of its total server revenue next year.
Foxconn, formally known as Hon Hai Precision Industry, said last month that it is building the world’s largest manufacturing facility in Mexico to assemble Nvidia’s GB200 superchips, a key part of Nvidia’s next-generation Blackwell computing platform.
October sales hit a record high for the month, and Foxconn expects its revenue for the fourth quarter to increase compared to the same period last year. However, the company did not provide specific numerical guidance.
Based on Reuters’ calculations, for the July-September period, Foxconn reported a net profit of T$49.3 billion (S$1.5 billion).
Foxconn’s third-quarter revenue jumped 20 per cent year-on-year (YoY), driven by demand for AI servers. This helped the company achieve its highest-ever revenue for the quarter. Foxconn’s shares have doubled in value so far this year, outpacing the broader market’s 28 per cent gain. /TISG
Read also: Foxconn’s August revenue surges 33% on strong AI demand
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