Foxconn's Q3 Revenue Soars 20.2% to Record NT$1.85 Trillion on AI Demand

Oct 8, 2024, 04:47 AM

Foxconn's third-quarter revenue surged by 20.2% year-on-year to a record NT$1.85 trillion (US$57.3 billion), driven by strong demand for AI servers. The company, also known as Hon Hai Precision, credited the robust performance to increased demand for servers that power AI development, offsetting weaker smartphone sales. Foxconn's cloud and networking products division, which includes customers like Nvidia, saw significant growth. The company's shares have risen 86% this year, 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 high demand for AI technology.