appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

Reuters

Foxconn Technology Group, the world’s largest electronics contract manufacturer, posted a 17 per cent rise in third-quarter profit on Wednesday, beating market forecasts, on sustained strength in demand for artificial intelligence servers.
Net profit for the July-September period for Nvidia’s biggest server maker and Apple’s top iPhone assembler was T$57.67 billion (US$1.89 billion), higher than the consensus estimate of T$50.4 billion compiled by London Stock Exchange Group.
Taiwan-based Foxconn, formally called Hon Hai Precision Industry, last month reported a forecast-beating third-quarter revenue on strong demand for AI products.
In its earnings report, Foxconn said it should see significant year-on-year revenue growth in the fourth quarter, with AI server revenue expected to increase quarter-on-quarter.
For the firm’s full-year revenue, it also forecast significant year-on-year growth, in line with previous guidance given in August. It did not elaborate and the company does not provide numerical guidance for its outlook, whether full-year or quarterly.


Most of the iPhones that Foxconn makes for Apple are assembled in China, but the bulk of those sold in the United States are now produced in India. The company is also building factories in Mexico and Texas to make AI servers for Nvidia.
Foxconn has also been looking to expand its footprint in electric vehicles (EVs), which the company sees as a major future growth generator, though that has not always gone smoothly.
In August, Foxconn said it had struck a deal to sell a former car factory at Lordstown, Ohio, for US$375 million, including its machinery, that it bought in 2022 to manufacture EVs.
Foxconn’s earnings call was scheduled at 3pm (0700 GMT) on Wednesday in Taipei, where it will also update its outlook for the year.
Foxconn’s shares have surged 36 per cent so far this year, outperforming the broader Taiwan index’s 21 per cent gain.
Its shares closed up 1.8 per cent on Wednesday ahead of the earnings release.


Trump’s manufacturing push meets reality as costs rise and investment stalls

Why China’s low-cost business model resists reform

Why the Philippines is losing out in Southeast Asia’s investment boom

Apple supplier Luxshare Precision Industry passes hearing for Hong Kong listing

Foxconn

Nvidia and Apple supplier Foxconn posts 17% rise in third-quarter profit, beats forecasts

Foxconn Technology Group is the world’s largest electronics contract manufacturer. Photo: Shutterstock 

Foxconn unit invests US$30 million in Hong Kong-based Robocore

A unit of Foxconn Technology Group took part in the recent Series D funding round of Robocore. Photo: Shutterstock

A range of smart, programmable service robots designed and developed by Robocore Technology. Photo: Handout

Robocore founder and CEO Roy Lim Long-hei. Photo: SCMP

Foxconn shifts focus away from Apple as AI servers drive growth in Taiwan tech sector

Foxconn chairman Young Liu. Photo: AFP

Foxconn’s headquarters in New Taipei City. Photo: AFP

Apple supplier Foxconn partners with industrial motor maker Teco to build AI data centres

Beyond its work as an Apple supplier, Foxconn Technology Group has a big AI server business and is actively expanding its electric vehicle operations. Photo: Shutterstock

Nearly all Foxconn India iPhones shipping to US as Apple looks to bypass China tariffs

A man checks an iPhone 16 Pro as the new iPhone 16 series smartphones go on sale at an Apple store in Beijing on September 20, 2024. Photo: Reuters

US President Donald Trump holds an iPhone after it rang while he was speaking at the White House on May 23. Photo: Reuters

Tech

Big Tech

Tech Trends

Business

China Business

Companies

News

Asia

East Asia

China

Money & Wealth

Net profit for Nvidia’s biggest server maker and Apple’s top iPhone assembler hits US$1.89 billion, higher than US$1.62 billion estimate


Net profit for Nvidia’s biggest server maker and Apple’s top iPhone assembler hits US$1.89 billion, higher than US$1.62 billion estimate.


Nvidia and Apple supplier Foxconn posts 17% rise in third-quarter profit, beats forecasts

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Net profit for Nvidia’s biggest server maker and Apple’s top iPhone assembler hits US$1.89 billion, higher than US$1.62 billion estimate

Net profit for Nvidia’s biggest server maker and Apple’s top iPhone assembler hits US$1.89 billion, higher than US$1.62 billion estimate