Foxconn Reports Record $57.3 Billion Q3 Revenue Driven by AI Demand

Oct 8, 2024, 02:56 AM

Foxconn, the world's largest contract electronics maker, reported a record third-quarter revenue of $57.3 billion (NT$1.85 trillion), a 20.2% year-on-year increase, driven by strong demand for AI servers. This growth offset weak smartphone sales. The company, also known as Hon Hai Precision, attributed the robust performance to the increasing demand for AI servers and cloud networking products, with notable clients including Nvidia. Foxconn's shares have surged 86% this year, significantly outperforming the broader Taiwan market. Additionally, Foxconn announced plans to build the world's largest manufacturing facility for Nvidia's GB200 chips in Mexico to meet the soaring demand for AI technology.