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.

admin

Share
Published by
admin

Recent Posts

Samsung will halve the costs of its contract division for the production of chips

The status of the largest supplier of semiconductor products does not fully please the South…

34 minutes ago

Microsoft now allows OpenAI to use competitors’ cloud services

OpenAI this week announced a joint venture with SoftBank and Oracle that will invest $500…

2 hours ago

Meta plans to release Oakley smart glasses, watches and headphones with AI

Meta✴ continues to develop the direction of wearable devices and, in addition to updating its…

3 hours ago

Nvidia overtakes Apple for the third time to become the most valuable company in the world

Nvidia has regained its title as the most valuable company in the world, surpassing Apple…

3 hours ago

Windows 11 received a Steam-style Edge Game Assist gaming overlay with tips and guides

Microsoft has released the in-game browser overlay Edge Game Assist for Windows 11, which has…

3 hours ago