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Will Foxconn's stock rise another 20% by the end of 2024?
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Resolution / Starting Odds
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Foxconn's Q2 Profit Surges 6% to $1.09B on 19% Revenue Growth, Driven by AI Demand
Aug 14, 2024, 09:05 AM
Foxconn, Apple's largest manufacturing partner, reported a 6% increase in net profit for the second quarter, reaching 35.05 billion New Taiwan dollars (approximately USD 1.09 billion). This profit exceeded forecasts, driven by strong demand for AI servers. The company's revenue for the quarter rose 19% year-over-year to around USD 48 billion. Foxconn has experienced its fourth consecutive quarter of profit increases, largely attributed to the AI server market, which is expected to continue growing throughout the year. The company anticipates that its AI server business could surpass its own expectations, reflecting the ongoing boom in AI technology and infrastructure. Additionally, Foxconn's stock has risen approximately 80% in 2024.
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