Foxconn sees net profit rise 14% in Q3 on the back of strong demand for AI servers

Taiwanese contract manufacturer Foxconn saw its net profit increase 14% in the third quarter to touch $1.5 billion on the back of strong demand for its AI servers. The company’s third quarter revenue, operating profit and net profit all hit a record high for the period.

As part of its 2024 guidance, the firm which is a key supplier to Apple and Nvidia indicated that it expects “significant” sales growth and forecasted that AI servers would account for 50% of its total server revenue next year in 2025, making it one of the most important levers of growth for the company.