Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
Foxconn Reports 33% Profit Surge On Booming Demand For AI Servers https://t.co/7yAsPS6FEB
The Apple supplier said it expects revenue to rise significantly this year. It credited booming demand for AI servers as one factor after it posted fourth-quarter profit that beat market expectations https://t.co/U0fwVEc390 https://t.co/YL0rP48RcA
WATCH: Apple-supplier Foxconn said it expects revenue to increase significantly in 2024 following a slow start to the year amid booming demand for AI servers, after it posted fourth-quarter profit that beat market estimates https://t.co/sEfWvY9lmR https://t.co/ZfjdFe1oom
Foxconn, a key supplier to Apple, reported a significant 33% year-over-year increase in its fourth-quarter profit, surpassing market forecasts. This growth, marking the second straight quarter of profit increase, is attributed to strong sales during the peak holiday season and a surge in demand for AI servers. Despite a 5.7% decline in fourth-quarter revenue to approximately $59 billion, Foxconn's net profit rose to $1.69 billion. The company expects flat consumer demand in 2024 but remains optimistic about revenue growth, significantly driven by continued strong demand for AI servers.