Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Politics

Foxconn rides the AI wave: Q3 profits soar amidst server demand

admin by admin
November 14, 2024
in Politics
0
Foxconn rides the AI wave: Q3 profits soar amidst server demand
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Taiwanese electronics giant Foxconn, the world’s leading contract manufacturer and a key Apple supplier, reported a surge in third-quarter profits, exceeding market expectations.

The company credits this impressive performance to the booming demand for artificial intelligence servers.

AI-powered growth: Foxconn’s profit surge

Foxconn’s net profit for the July-September period reached T$49.3 billion ($1.5 billion), a robust 14% increase year-over-year, based on Reuters calculations.

This marks the fifth consecutive quarter of profit growth for the company, significantly outperforming the T$46.3 billion consensus estimate from 14 analysts compiled by LSEG.

Record revenue and a Mexican mega-factory: Foxconn’s strategic moves

This profit surge follows the company’s announcement last month of a 20% year-over-year jump in third-quarter revenue, its highest ever for that period.

The company attributes this success to strong sales of AI servers.

Further solidifying its position in the AI arena, Foxconn revealed plans to construct the world’s largest manufacturing facility for bundling Nvidia’s GB200 superchips in Mexico.

These chips are a crucial component of Nvidia’s next-generation Blackwell computing platform.

October sales set record: continued growth anticipated

Foxconn’s positive momentum continued into October, with sales reaching a record high for the month.

The company, formally known as Hon Hai Precision Industry, expects this upward trajectory to persist, forecasting year-over-year revenue growth in the fourth quarter, though it refrained from providing specific numerical guidance.

Driven by its optimistic outlook on the AI sector, Foxconn’s shares have doubled in value in 2024, significantly outpacing the broader market’s 28% gain.

Despite this impressive run, the company’s shares closed down 1.4% on Thursday, prior to the earnings release.

The post Foxconn rides the AI wave: Q3 profits soar amidst server demand appeared first on Invezz

Previous Post

General Mills to acquire Whitebridge Pet Brands for $1.45 billion

Next Post

Australian supermarket giants face class action over ‘dodgy’ discounts

admin

admin

Next Post
Australian supermarket giants face class action over ‘dodgy’ discounts

Australian supermarket giants face class action over ‘dodgy’ discounts

Trending News

Why are credits scores falling in America? WalletHub unveils new data

Why are credits scores falling in America? WalletHub unveils new data

January 10, 2025
Aston Martin stock price tanks 9% as carmaker cuts jobs, delays EV launch amid mounting losses

Aston Martin stock price tanks 9% as carmaker cuts jobs, delays EV launch amid mounting losses

February 26, 2025
Is Britain facing a 1976-style debt crisis amid bond market turmoil?

Is Britain facing a 1976-style debt crisis amid bond market turmoil?

January 9, 2025
Subscribe to Insightful Word


    Recent News

    BBVA reassesses Sabadell Bid after Spanish government imposes integration freeze

    BBVA reassesses Sabadell Bid after Spanish government imposes integration freeze

    June 25, 2025
    Long US30: price Sustains above 43K, targets 44K on risk rally and fed clarity

    Long US30: price Sustains above 43K, targets 44K on risk rally and fed clarity

    June 25, 2025
    NATO leaders agrees on increasing defence spending to 5%

    NATO leaders agrees on increasing defence spending to 5%

    June 25, 2025
    BMBL stock rockets 26% after job cuts and raised Q2 revenue forecast

    BMBL stock rockets 26% after job cuts and raised Q2 revenue forecast

    June 25, 2025

    Recent News

    BBVA reassesses Sabadell Bid after Spanish government imposes integration freeze

    BBVA reassesses Sabadell Bid after Spanish government imposes integration freeze

    June 25, 2025
    Long US30: price Sustains above 43K, targets 44K on risk rally and fed clarity

    Long US30: price Sustains above 43K, targets 44K on risk rally and fed clarity

    June 25, 2025

    Latest News

    • BBVA reassesses Sabadell Bid after Spanish government imposes integration freeze
    • Long US30: price Sustains above 43K, targets 44K on risk rally and fed clarity
    • NATO leaders agrees on increasing defence spending to 5%

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.