Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Stock

Major Apple supplier Foxconn expected to report strong Q3 results on AI boom

TAIPEI (Reuters) – Taiwan’s Foxconn (SS:601138), the world’s largest contract electronics maker, is expected to report on Thursday that third-quarter profit rose 7% year-on-year on robust demand for artificial intelligence servers.

Last month, the company said third-quarter revenue jumped 20% from a year earlier, beating expectations to post its highest-ever revenue for that quarter on strong sales of AI servers.

Net profit for July-September for Apple (NASDAQ:AAPL)’s top iPhone assembler likely came in at T$46.3 billion ($1.43 billion), according to an LSEG consensus estimate of 14 analysts.

That would represent a 7.4% increase from the same period a year ago. It would also mark a fifth consecutive quarter of profit growth.

Foxconn said last month it was building in Mexico the world’s largest manufacturing facility for bundling Nvidia (NASDAQ:NVDA)’s GB200 superchips, a key component of the U.S. firm’s next-generation Blackwell family computing platform.

Underscoring Foxconn’s rosy prospects, October sales hit a record high for the month and the company, formally called Hon Hai (TW:2317) Precision Industry, has said it expects fourth-quarter revenue to grow year-on-year.

It does not provide numerical guidance.

Foxconn holds its earnings call at 3.00 p.m. in Taipei (0700GMT) on Thursday, where it will also update its outlook for the rest of the year.

Foxconn’s shares have surged more than 100% so far in 2024, far outperforming the broader market’s 28% gain, thanks to its confident outlook on AI.

($1 = 32.4140 Taiwan dollars)

This post appeared first on investing.com
Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    The Gateway Pundit, a far-right website, published a note from its editor on Saturday acknowledging that two election workers in Georgia did not engage...

    Latest News

    New majorities in Congress, particularly when the incoming party has a new leader, offer the rare chance for the institution to take a breath...

    Investing

    JAKARTA (Reuters) -Indonesia has asked Alphabet (NASDAQ:GOOGL)’s Google and Apple (NASDAQ:AAPL) to block Chinese fast fashion e-commerce firm Temu in their application stores in...

    Latest News

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...



    Disclaimer: alivebusinessplan.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 alivebusinessplan.com