Faisal Salisu DambattaTaiwan’s Foxconn, recognized as the largest contract electronics manufacturer globally, announced unprecedented revenue for the third quarter, driven by strong demand for artificial intelligence products.
However, it fell short of market expectations and expressed caution regarding exchange rates.
Revenue for Nvidia’s primary server manufacturer and Apple’s top iPhone assembler surged by 11% compared to the same quarter last year, reaching T$2.057 trillion ($67.71 billion), as stated by Foxconn on Sunday.
Although this figure was below the T$2.134 trillion predicted by LSEG SmartEstimate, which prioritizes forecasts from consistently accurate analysts, Foxconn indicated that the outcome was better than anticipated.
In U.S. dollar terms, Foxconn reported a 16.1% year-on-year increase in third-quarter revenue. The Taiwan dollar has appreciated approximately 8% against the U.S. dollar this year.
The strong demand for AI contributed to significant revenue growth in its cloud and networking products division. However, the smart consumer electronics segment, which includes iPhones, experienced a slight revenue decline due to exchange rate impacts, according to the company.
September revenue increased by 14.2% year-on-year to T$837.1 billion, marking a record for that month.
The company anticipates that operations will
