11:21 - 7.10.2024

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October 7, Fineko/abc.az. Foxconn, the largest contract electronics manufacturer and the main iPhone assembler, achieved record revenue in the 3rd quarter.

Company's income increased by 20.2% compared with Q3 of 2023 up to 1.85 trillion Taiwanese dollars ($57.3 billion). However, the success is largely linked with the high demand for servers for artificial intelligence.

The actual revenue figures also exceeded the forecast of the global provider of financial analytical statistics LSEG SmartEstimate, which called the figure at 1.79 trillion Taiwanese dollars. The main contribution to growth of Foxconn's revenue was made by an increase in demand for AI servers. This provided a significant increase in revenue in the cloud and network solutions segment, in which Nvidia is a key customer. In the consumer electronics segment, which includes the assembly and production of iPhones for Apple, quarterly revenue also showed growth due to the launch of new products. However, on an annual basis, this indicator remained at the level of last year.

The 3rd quarter is traditionally an important period for Taiwanese companies, as active preparations begin to fulfill orders from large customers for New Year sales. Foxconn's revenue for September amounted to 733 billion Taiwanese dollars, which is 10.9% more than in September last year.

Foxconn will publish its full financial report for Q3 on November 14.