Foxconn’s Q3 Profit Jumps 17% on Strong AI Server and iPhone Demand
Photo Credit: @HonHai_Foxconn
Foxconn, the world’s largest contract electronics manufacturer, reported a 17% rise in its third-quarter profit, driven by strong demand for artificial intelligence (AI) servers and iPhones. The company posted a net profit of T$57.67 billion ($1.89 billion) for July–September, surpassing the market forecast of T$50.4 billion, according to LSEG estimates.
Formally known as Hon Hai Precision Industry, Foxconn attributed the growth to increasing orders for AI-related products. The company expects significant year-on-year revenue growth in the fourth quarter, with AI server sales projected to rise further. It also reaffirmed its full-year growth outlook in line with earlier guidance.
Foxconn, a key assembler of Apple’s iPhones, has been shifting production from China to India, where most of the iPhones sold in the U.S. are now made. Additionally, the company is expanding its global presence by building new facilities in Mexico and Texas to produce AI servers for Nvidia.
The electronics giant is also pursuing opportunities in the electric vehicle (EV) sector, despite facing some challenges. Foxconn’s shares have surged 36% so far this year, outperforming Taiwan’s broader market index, reflecting strong investor confidence in its AI and EV growth strategies.
Source: The Economic Times
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