Apple supplier Foxconn earned more than ever in the third quarter thanks to the boom in artificial intelligence (AI) technology. In the period July to September, sales rose 20.2 percent to the equivalent of about $52 billion (1.85 trillion Taiwan dollars), the group announced on Saturday.
“The results exceeded the company’s original expectations of significant growth,” the statement said.
Foxconn is benefiting from the AI boom
Strong demand for AI servers has led to a significant increase in revenue in the cloud and networking products division. Foxconn’s customers also include AI chip company Nvidia.
In the third quarter, Taiwanese technology companies traditionally start supplying smartphones, tablets and other electronic devices to major suppliers such as Apple for the high-selling Christmas business.
“Looking ahead to the peak season in the second half of the year, we expect our operations to gradually gain momentum,” Foxconn said of its outlook for the current quarter. The fourth quarter will roughly correspond to current market expectations. Foxconn did not provide details.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
