Foxconn Posts Record Q3 Revenue on AI Server Demand, Surpassing Expectations with 20.2% YoY Increase

Oct 5, 2024, 02:41 PM

Foxconn, Apple's contract manufacturer, has posted record third-quarter revenue driven by strong demand for AI servers, surpassing expectations. The company reported a 20.2% year-over-year increase in revenue, reaching approximately $57.3 billion. Despite the surge in AI server demand, revenue from consumer electronics, including iPhones, remained flat year-over-year. Foxconn's stock has risen by about 86% in 2024.