Taiwanese electronics giant Foxconn recorded a 47 per cent year-on-year increase in third-quarter revenue, beating market expectations as strong demand for artificial intelligence products boosted its business.
Revenue for the July-to-September period reached T$3.03 trillion ($95.4 billion), exceeding the T$2.83 trillion forecast by analysts. The company said its cloud and networking business posted strong growth as demand for AI-related products continued to expand.
Foxconn, formally known as Hon Hai Precision Industry, also reported a sharp rise in its smart consumer electronics business, which includes iPhones.
September was particularly strong, with monthly revenue climbing 38 per cent to T$1.16 trillion, the company’s first month above the T$1 trillion mark and a record monthly figure.
The company expects its AI-related operations to continue growing in the fourth quarter, supported by the traditional peak season for electronics production. However, it warned that global political and economic uncertainty could still affect business conditions.
Foxconn will release its full third-quarter earnings on November 12. Its shares have gained about 10 per cent this year, although that remains well below the broader Taiwan market’s 72 per cent rise.
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