Foxconn beats estimates with record third-quarter revenue on AI demand

Taiwan's Foxconn, the world's largest contract electronics maker and Apple's biggest iPhone assembler, posted its highest-ever third-quarter revenue of T$1.85 trillion ($57.3 billion), a 20.2% year-on-year increase.

This exceeded its expectations and forecasts, driven by strong demand for AI servers and robust growth in its cloud and networking products division, particularly from AI chip firm Nvidia.

While smart consumer electronics saw strong quarter-on-quarter growth, the year-on-year performance was flat.

Foxconn anticipates continued momentum into the fourth quarter. Its shares have surged 86% this year, outperforming the broader Taiwan market. Full earnings will be reported on November 14.

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