Foxconn Q3 earnings jump 17% to $66.2 billion amid rising Nvidia chip demand

China’s Hon Hai (known globally as Foxconn) reported a massive earnings beat for the third quarter on Wednesday, pulling in $66.2 billion in revenue as its profits jumped 17% from last year. The Taiwanese electronics maker, officially known as Hon Hai Precision Industry, said the growth came mainly from its booming AI server business tied to Nvidia’s chips, which have become the hottest commodity in tech. Foxconn posted NT$57.67 billion in net profit, easily surpassing forecasts of NT$50.41 billion based on LSEG SmartEstimates, while total revenue reached NT$2.06 trillion, right in line with expectations. But what Cryptopolitan finds really interesting isn’t that number, it’s where the money’s coming from. According to the earnings report, Foxconn has quietly turned its focus away from phones and laptops and toward AI infrastructure, manufacturing server racks built to handle complex artificial intelligence workloads. AI servers overtake iPhones as Foxconn’s new growth engine Foxconn’s earnings...

https://www.cryptopolitan.com/chinas-foxconn-beats-q3-earnings-estimates/