Foxconn Posts Record Q3 Revenue, Up 20%, Beats Estimates on AI Demand; Shares Jump 86%

Oct 5, 2024, 09:01 AM

Foxconn, also known as Hon Hai Precision Industry Co., reported a record third-quarter revenue, jumping 20% year-on-year and beating market estimates, driven by strong demand for AI servers. The Taiwanese electronics manufacturer, a major supplier for Apple and AI chipmaker NVIDIA, saw robust growth in its cloud and networking products division, offsetting weaker smartphone sales. The surge in revenue is attributed to the growing demand for servers that support artificial intelligence development. Foxconn's shares have surged 86% so far this year, significantly outperforming the broader Taiwan market's 24% rise.