Foxconn expects third quarter to outperform market as AI server demand rewrites its business

Foxconn has spent decades assembling iPhones in vast factory complexes across Asia. Now the company that built its empire on consumer gadgets is quietly becoming one of the most important picks-and-shovels players in the global AI buildout, and its financial results are starting to show it. The world’s largest contract electronics manufacturer announced on September 5 that it expects third-quarter performance to exceed market estimates, citing persistent AI demand and the seasonal strength that typically lifts information and communication technology products in the second half of the year. The numbers behind the confidence August revenue hit T$921.8 billion, a 51.98% jump compared to the same month a year earlier, roughly equivalent to $29.15B at current exchange rates. Year-to-date consolidated sales climbed to T$6.51 trillion, up 39.73% from the same period last year. Second-quarter net profit rose 35% year-over-year, clearing analyst projections by a meaningful margin. The cloud and networking segment, which houses Foxconn’s AI server operations, now accounts for more than half of total company revenue. A year ago, consumer electronics held that title. Foxconn is Nvidia’s princ...