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Apple assembler Foxconn beats estimates with record third-quarter revenue

MacDailyNews

Oct 7

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The logo of electronics contract manufacturer Foxconn Technology Group, formally known as Hon Hai Precision Industry, is displayed at its headquarters in Taipei. Photo: Agence France-Presse

Taiwan’s Foxconn beat expectations to post its highest-ever revenue for the third quarter on strong demand. Revenue for Apple’s biggest iPhone assembler jumped 20.2% year on year to T$1.85 trillion ($57.3 billion).

Reuters:
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“The result exceeded the company’s original expectations of significant growth,” Foxconn said in a statement…
Strong AI server demand led to robust revenue growth for its cloud and networking products division, said Foxconn whose customers include AI chip firm Nvidia.
For smart consumer electronics, which includes iPhones, there was a strong quarter-on-quarter growth thanks to new product launches, but its year-on-year performance was flat.
The third-quarter is traditionally when Taiwan’s tech companies start racing to supply smartphones, tablets and other electronics to major vendors such as Apple for Western markets’ year-end holiday period… “Entering the peak season in the second half of the year, we anticipate our operation to gradually gain momentum,” Foxconn said of its outlook for the current quarter.

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MacDailyNews Take: Also in its statement, Foxconn said simply, “Fourth quarter is expected to be roughly in line with current market expectations.” The company will report its full third-quarter earnings on November 14th.

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