AI business performs strongly, Foxconn's Q3 net profit increases by 17% year-over-year

Golden Ten Data November 12th: Hon Hai’s net profit for the third quarter increased by 17% year-over-year to 57.67 billion New Taiwan Dollars (approximately $1.9 billion), far exceeding analysts’ average forecast of 51 billion New Taiwan Dollars, thanks to accelerated AI-related spending by major tech companies. The company announced last month that its third-quarter revenue reached 2.06 trillion New Taiwan Dollars, up 11% year-over-year, in line with market expectations. Since last summer, Hon Hai has driven double-digit revenue growth through its AI server assembly business, and this expansion trend is expected to continue. Its October sales increased by 11.3% year-over-year, and the company stated that current quarter revenue is expected to achieve month-over-month growth. For the quarter ending December, sales are projected to grow by 15%. Benefiting from a close partnership with NVIDIA, Hon Hai’s stock price has increased by over 30% this year.