Income for Nvidia‘s greatest server maker and Apple‘s prime iPhone assembler jumped 11% from the identical quarter final yr to T$2.057 trillion ($67.71 billion), Foxconn stated in an announcement on Sunday.
Whereas that was under the T$2.134 trillion LSEG SmartEstimate, which provides higher weight to forecasts from analysts who’re extra persistently correct, Foxconn stated the outcome was higher than anticipated.
On a U.S. greenback foundation, Foxconn stated third quarter income rose 16.1% on yr. The Taiwan greenback has strengthened some 8% up to now this yr in opposition to the buck.
Sturdy AI demand led to strong income progress for its cloud and networking merchandise division. Good shopper electronics, which incorporates iPhones, posted a slight income decline, affected by trade charges, the corporate stated.
September income rose 14.2% on yr to T$837.1 billion, a file for that month.
Operations are anticipated to “preserve sequential quarterly progress as AI server shipments proceed to ramp up within the fourth quarter” and as a result of conventional peak season forward of year-end holidays in main Western markets, the corporate stated.
“Nevertheless, the influence of the worldwide political and financial state of affairs and trade charge fluctuations will want continued shut monitoring,” it added, with out elaborating.
Foxconn, formally known as Hon Hai Precision Industry, doesn’t present numerical forecasts. It can report third quarter earnings on November 12.
Foxconn’s shares have risen 23% this yr, outperforming the 16% rise for the Taiwan market. The inventory closed up 0.44% on Friday forward of the income information launch, in contrast with a 1.45% achieve for the benchmark index.
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