Foxconn expects strong third quarter on AI demand
Taiwanese company Foxconn said its third-quarter results could exceed market expectations due to sustained demand for artificial intelligence-related products. At the same time, the manufacturer cautioned about an unstable global political and economic situation.
AI demand supports outlook
As Asharq Al-Awsat reports, Foxconn expects growing demand for artificial intelligence solutions and the start of the peak season for information and communications technology products in the second half of the year to gradually strengthen the company’s operating performance.
Foxconn said its third-quarter outlook had become clearer compared with the previous month. The company, formally called Hon Hai Precision Industry, did not provide a numerical forecast, as it usually does not disclose such projections.
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Record August revenue
Foxconn’s revenue in August rose 51.98% year-on-year to T$921.8 billion, or $29.15 billion. This was the company’s highest figure for August and the second consecutive month in which its revenue exceeded T$900 billion.
Foxconn is Nvidia’s largest server manufacturer and one of Apple’s major suppliers. Last month, the company reported a 35% increase in second-quarter profit, exceeding analysts’ expectations. On Friday, before the revenue data were published, Foxconn shares closed 3.4% higher, while the broader market gained 1.5%.
