Foxconn Q3 Revenue Surges 47% on AI Boom
Taiwan’s Foxconn, the world’s largest contract electronics manufacturer, reported a significant 47% year-on-year increase in revenue for the third quarter. The company, formally known as Hon Hai Precision, recorded revenue of T$3.03 trillion ($95.4 billion) for the July-September period, surpassing an LSEG SmartEstimate of T$2.83 trillion. This estimate weighs more heavily on forecasts from analysts with a consistent track record of accuracy.
The surge in revenue was driven by strong demand for AI-related products. Foxconn, a key supplier to Apple (AAPL) and Nvidia (NVDA), saw its September revenue reach $1.16 trillion, marking a 38.42% year-on-year increase. The company expects AI-related operations to continue growing in the fourth quarter, supported by the traditional peak season for electronics products in the second half of the year.
Foxconn anticipates that this growth will align with current market expectations. The company is set to report its full third-quarter earnings on November 12. Despite a 10% year-to-date increase, Foxconn shares trail Taiwan’s market. The stock rose 1.2% on Monday, compared to a 2.6% gain for the benchmark.