Taiwan's Foxconn reports 34% rise in Q3 profit, beats forecasts
TAIPEI: Taiwan’s Foxconn, the world’s largest contract electronics maker, reported a 34% rise in third-quarter profit on Thursday, beating analyst forecasts on continued strong demand for AI. Taiwan’s Foxconn reports 35% rise in Q2 profit, beats forecasts Net profit for the July to September period for Nvidia’s biggest server maker and Apple’s top iPhone assembler was T$77.5 billion ($2.35…
Taiwan’s Foxconn reported a 34% increase in third-quarter profit for the July to September period, reaching T$77.5 billion ($2.35 billion). According to Investing.com, this figure exceeded the LSEG consensus estimate of T$69.6 billion and was up from T$57.7 billion a year earlier. Business Recorder noted the profit rise was driven by continued strong demand for AI.
Investing.com reports that the company expects strong AI demand to continue through this year and into next. While Foxconn does not provide numeric forecasts, it predicted high double-digit growth for AI rack shipments in 2027. The company is also building factories in Texas and Mexico to manufacture AI servers for Nvidia.
The company, which serves as Apple’s top iPhone assembler and Nvidia’s biggest server maker, is expanding its operations. While most iPhones are assembled in China, the bulk of those sold in the United States are now produced in India, according to Investing.com. Foxconn is also looking to expand its presence in the electric vehicle sector.
Brief written by urgent.news from Business Recorder, Investing.com — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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