TAIPEI (Oct 5): Taiwan’s Foxconn, the world’s largest contract electronics maker, reported record third-quarter revenue on strong demand for artificial intelligence products, though it missed the market forecast and offered caution about exchange rates.<\/p>\n
Revenue for Nvidia’s biggest server maker and Apple’s top iPhone assembler jumped 11% from the same quarter last year to T$2.057 trillion (US$67.71 billion or RM284.8 billion), Foxconn said in a statement on Sunday.<\/p>\n
While that was below the T$2.134 trillion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate, Foxconn said the result was better than expected.<\/p>\n
On a US dollar basis, Foxconn said third quarter revenue rose 16.1% on year. The Taiwan dollar has strengthened some 8% so far this year against the greenback.<\/p>\n
Strong AI demand led to robust revenue growth for its cloud and networking products division. Smart consumer electronics, which includes iPhones, posted a slight revenue decline, affected by exchange rates, the company said.<\/p>\n
September revenue rose 14.2% on year to T$837.1 billion, a record for that month.<\/p>\n
Operations are expected to “maintain sequential quarterly growth as AI server shipments continue to ramp up in the fourth quarter” and due to the traditional peak season ahead of year-end holidays in major Western markets, the company said.<\/p>\n
“However, the impact of the global political and economic situation and exchange rate fluctuations will need continued close monitoring,” it added, without elaborating.<\/p>\n
Foxconn, formally called Hon Hai Precision Industry, does not provide numerical forecasts. It will report third quarter earnings on Nov 12.<\/p>\n
Foxconn’s shares have risen 23% this year, outperforming the 16% rise for the Taiwan market. The stock closed up 0.44% on Friday ahead of the revenue data release, compared with a 1.45% gain for the benchmark index.<\/p>\n
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