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

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

admin by admin
November 14, 2024
in Investing
0
Foxconn rides the AI wave: Q3 profits soar amidst server demand
0
SHARES
4
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

Disney beats earnings forecast driven by ‘Deadpool & Wolverine’ success; shares jump 10%

Next Post

Undervalued but poised for growth: Simply Good Foods could be a good buy

admin

admin

Next Post
Undervalued but poised for growth: Simply Good Foods could be a good buy

Undervalued but poised for growth: Simply Good Foods could be a good buy

Trending News

US tariffs fuel inflation, putting pressure on low-income households

US tariffs fuel inflation, putting pressure on low-income households

March 11, 2025
Hedge funds search for trades in dead-heat US election

Hedge funds search for trades in dead-heat US election

November 1, 2024
Amazon, Tesla drive Magnificent Seven surge on US-China trade deal

Amazon, Tesla drive Magnificent Seven surge on US-China trade deal

May 12, 2025
Subscribe to Insightful Word


    Recent News

    Jaguar Land Rover to cut 500 UK jobs as US tariffs dent exports

    Jaguar Land Rover to cut 500 UK jobs as US tariffs dent exports

    July 17, 2025
    Oracle stock price has surged, but beware of key risks

    Oracle stock price has surged, but beware of key risks

    July 17, 2025
    Starbucks shares slip after Jefferies downgraded the stock

    Starbucks shares slip after Jefferies downgraded the stock

    July 17, 2025
    US stocks open in the green: Dow Jones up 150 points, Nasdaq up 0.2%

    US stocks open in the green: Dow Jones up 150 points, Nasdaq up 0.2%

    July 17, 2025

    Recent News

    Jaguar Land Rover to cut 500 UK jobs as US tariffs dent exports

    Jaguar Land Rover to cut 500 UK jobs as US tariffs dent exports

    July 17, 2025
    Oracle stock price has surged, but beware of key risks

    Oracle stock price has surged, but beware of key risks

    July 17, 2025

    Latest News

    • Jaguar Land Rover to cut 500 UK jobs as US tariffs dent exports
    • Oracle stock price has surged, but beware of key risks
    • Starbucks shares slip after Jefferies downgraded the stock

    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.