Advertisement
Nvidia and Apple supplier Foxconn posts 17% rise in third-quarter profit, beats forecasts
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
Reading Time:2 minutes
Why you can trust SCMP
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.
Advertisement
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.
02:38
Apple supplier Foxconn to build ‘AI factories’ using US hardware leader Nvidia’s chips and software
Apple supplier Foxconn to build ‘AI factories’ using US hardware leader Nvidia’s chips and software
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.
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x