Foxconn expects third quarter to outperform market expectations on AI boom

Foxconn expects its third quarter performance to beat market expectations driven by strong AI-related demand, according to a statement released by Taiwanese contract makers today.

Foxconn, Nvidia's dominant server and a prominent Apple supplier, has been a primary gainer of the trend toward AI, reports last month indicate a 35% increase in Q2 net income that outperformed expert predictions.

Foxconn clarified that it monitors the impact of the fluctuations in the global political and economic landscape.

The industry said in a statement: “In the ⁠third quarter, as AI demand continues to grow, ​and ICT products also enter the peak season of ​the second half of the year, operations are expected to gradually gain momentum.”

It has been observed that the company has greater clarity regarding the third quarter compared to the previous month, and that its entire performance is expected to surpass market projections.

The reports further underlined that its revenue rose 51.98% from a year earlier to T$921.8 billion marking the highest amount ever for August and the second month in a row it has exceeded T$900 billion. Furthermore, Foxconn's shares closed up 3.4% on Friday before the official release of revenue data outpacing the index.