{"id":41366,"date":"2024-11-14T14:00:13","date_gmt":"2024-11-14T14:00:13","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/foxconn-rides-the-ai-wave-q3-profits-soar-amidst-server-demand\/"},"modified":"2024-11-14T14:00:13","modified_gmt":"2024-11-14T14:00:13","slug":"foxconn-rides-the-ai-wave-q3-profits-soar-amidst-server-demand","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/foxconn-rides-the-ai-wave-q3-profits-soar-amidst-server-demand\/","title":{"rendered":"Foxconn rides the AI wave: Q3 profits soar amidst server demand"},"content":{"rendered":"

(Originally posted on : Invezz )<\/b>
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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. <\/p>\n

The company credits this impressive performance to the booming demand for artificial intelligence servers.<\/p>\n

AI-powered growth: Foxconn’s profit surge<\/h2>\n

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. <\/p>\n

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.<\/p>\n

Record revenue and a Mexican mega-factory: Foxconn’s strategic moves<\/h2>\n

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. <\/p>\n

The company attributes this success to strong sales of AI servers. <\/p>\n

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. <\/p>\n

These chips are a crucial component of Nvidia’s next-generation Blackwell computing platform.<\/p>\n

October sales set record: continued growth anticipated<\/h2>\n

Foxconn’s positive momentum continued into October, with sales reaching a record high for the month. <\/p>\n

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.<\/p>\n

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. <\/p>\n

Despite this impressive run, the company’s shares closed down 1.4% on Thursday, prior to the earnings release.<\/p>\n

The post Foxconn rides the AI wave: Q3 profits soar amidst server demand<\/a> appeared first on Invezz<\/a><\/p>\n

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(Originally posted on : Invezz ) 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 […]<\/p>\n","protected":false},"author":3947362378,"featured_media":41367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[39],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/41366"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362378"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=41366"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/41366\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/41367"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=41366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=41366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=41366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}