Foxconn Reports Strong Q4 Earnings, Forecasts Robust Growth Driven by AI Server Demand
The electronics giant's shares surged 9.5% following a 33% jump in Q4 profit, with a significant revenue increase expected in 2024 due to high demand for AI servers.
- Foxconn, the world's largest contract electronics maker, reported a 33% increase in Q4 net profit, surpassing market expectations.
- The company's shares hit a three-year high, rising as much as 9.5% in early trading, buoyed by the strong earnings report.
- Foxconn forecasts 'robust growth' for 2024, attributing the optimism to a surge in demand for AI servers, with AI server-related revenue expected to account for 40% of its total server business.
- The firm is diversifying its investment to include electric vehicles and semiconductors, with capital expenditure in 2024 expected to at least match the previous year's growth.
- Despite a slow start to the year, Foxconn anticipates a significant revenue increase in 2024, driven by booming AI demand and strong sales in consumer electronics, including smartphones.
CNA 
BGR 
CNBC 
Tech Xplore 
South China Morning Post 
