Foxconn’s revenue soared nearly 33% in August as AI boom plays a role

The world’s largest contract electronics manufacturer and one of Apple’s main partners, represented by Taiwanese Foxconn, announced a significant increase in revenue in August of this year. According to the company, the volume of revenue received jumped by 32.8% year-on-year. The Reuters news agency writes about this with reference to a statement from Foxconn.

Image source: Foxconn

Against the backdrop of significant revenue growth, the company improved its forecast for the entire current quarter. Foxconn’s financial results for the three-month period are expected to increase compared to the previous quarter.

At the end of the last quarter, Foxconn’s net profit increased by 6%, which was higher than analysts’ forecasts. Foxconn’s net profit for the reporting period amounted to $1.087 billion, while a year earlier this figure was equal to $1.024 billion. The company’s profit growth over the past four quarters was facilitated by steady demand for servers with artificial intelligence.

AI servers accounted for more than 40% of the company’s total server business in the second quarter. Foxconn expects artificial intelligence servers to be the company’s next product to generate a trillion Taiwan dollars in revenue (about $31 billion). In addition, Foxconn plans to replicate the success it achieved with the iPhone, but in the electric vehicle space.