Taiwan’s Foxconn, the world’s largest contract electronics maker, reported a 35% rise in second-quarter profit, beating analyst forecasts, on continued strong demand for artificial intelligence (AI), which it predicted would drive growth this year.
Net profit for the April to June period for Nvidia’s biggest server maker and Apple’s top iPhone assembler was T$59.97 billion ($1.86 billion), versus an LSEG consensus estimate of T$58.8 billion and compared with T$44.4 billion a year earlier.
Foxconn, formally called Hon Hai Precision Industry, in July reported a 40% year-on-year jump in second-quarter revenue. Most of the iPhones Foxconn makes for Apple are assembled in China, but it now produces the bulk of those sold in the United States in India.
The company is also building factories in Mexico and Texas to make AI servers for Nvidia. Foxconn has also been looking to expand its footprint in electric vehicles.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
