Foxconn's Q1 Profit Rises 72% Amid Strong AI Demand

Despite a significant profit increase, Foxconn's earnings fell short of analyst expectations, influenced by previous writedowns and evolving market dynamics.

• Foxconn reported a net profit of NT$22.01 billion ($679 million) for Q1 2024, a 72% increase from the previous year.
• The profit growth marks the third consecutive quarter of rising earnings for the company.
• Strong demand for AI servers and generative AI technology contributed significantly to the profit surge.
• Foxconn's revenue from consumer electronics, including smartphones, accounted for 48% of total revenue in Q1.
• The company is expanding its investment in AI and electric vehicles to diversify its market presence.

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