Foxconn, the contract electronics manufacturer and a primary supplier for Apple, is projected to report strong third-quarter financial results, fuelled by demand growth in artificial intelligence.
It told investors ahead of an earnings call that net profit had increased by 7% in the period. According to Reuters, the consensus figure is $1.43 billion.
This boost is largely attributed to increased production of AI servers and components, areas in which Foxconn has been expanding its investments to capitalise on rising interest in this new wave of technologies.
Analysts anticipate Foxconn’s focus on AI-related products will help offset slower consumer electronics sales, as global economic challenges have tempered demand for items like smartphones and computers.
Foxconn's efforts in diversifying its business to include more advanced tech have become crucial for navigating market shifts and sustaining its growth.