Foxconn (USOTC:FXCOF) reported third-quarter revenue of T$3.03 trillion ($95.4 billion), an increase of 47% from a year earlier and above market estimates, as demand related to artificial intelligence supported growth in its cloud and networking business.
Revenue for the July-to-September quarter exceeded an LSEG SmartEstimate of T$2.83 trillion.
Foxconn, formally known as Hon Hai Precision Industry, said its cloud and networking products division recorded revenue growth driven by AI-related demand. Its smart consumer electronics business, which includes iPhones, also recorded year-on-year growth.
September Revenue Exceeds T$1 Trillion for First Time
Revenue for September increased 38% from a year earlier to T$1.16 trillion, setting a monthly record for the company.
The result marked the first time Foxconn’s monthly revenue has exceeded T$1 trillion.
The company expects its AI-related operations to continue growing during the fourth quarter. Combined with the traditional second-half peak season for electronics products, Foxconn said this should “support overall performance in line with current market expectations.”
The company added that “it remains necessary to monitor the impact of a volatile global political and economic environment.”
Foxconn does not provide numerical financial forecasts. The company is scheduled to report its full third-quarter earnings on November 12.
Foxconn Shares Up 10% This Year
Foxconn shares have gained 10% so far this year, compared with a 72% increase in Taiwan’s benchmark equity market.
The shares closed 1.2% higher on Monday before the revenue figures were released, while the benchmark index gained 2.6%.