<p>Taipei: Taiwan's Foxconn, the world's largest contract electronics maker, said on Thursday it expected robust growth in its artificial intelligence server business next year after reporting a better-than-expected 14 per cent rise in quarterly profit.</p><p>The firm, a key supplier to <a href="https://www.deccanherald.com/tags/apple">Apple</a> and Nvidia , kept its 2024 guidance of "significant" sales growth and forecast AI servers would account for 50 per cent of its total server revenue next year.</p><p>Foxconn said last month it was building the world's largest manufacturing facility in Mexico for bundling Nvidia's GB200 superchips, a key component of the US firm's next-generation Blackwell family computing platform.</p>.Sensex, Nifty hit fresh all-time high levels in early trade.<p>Underscoring Foxconn's rosy prospects, October sales hit a record high for the month and the company, formally called Hon Hai Precision Industry, has said it expects fourth-quarter revenue to grow year-on-year.</p><p>It does not provide numerical guidance.</p><p>Net profit for July-September for Apple's top iPhone assembler came in at T$49.3 billion ($1.5 billion), according to Reuters calculations.</p><p>That marked a fifth consecutive quarter of profit growth and compared with a T$46.3 billion LSEG consensus estimate of 14 analysts.</p><p>Last month, the company said third-quarter revenue jumped 20 per cent from a year earlier, beating expectations to post its highest-ever revenue for that quarter on strong sales of AI servers.</p><p>Foxconn's shares have doubled so far in 2024, beating the broader market's 28 per cent gain, buoyed by its confident outlook on AI.</p><p>They closed down 1.4 per cent on Thursday ahead of the earnings release.</p>
<p>Taipei: Taiwan's Foxconn, the world's largest contract electronics maker, said on Thursday it expected robust growth in its artificial intelligence server business next year after reporting a better-than-expected 14 per cent rise in quarterly profit.</p><p>The firm, a key supplier to <a href="https://www.deccanherald.com/tags/apple">Apple</a> and Nvidia , kept its 2024 guidance of "significant" sales growth and forecast AI servers would account for 50 per cent of its total server revenue next year.</p><p>Foxconn said last month it was building the world's largest manufacturing facility in Mexico for bundling Nvidia's GB200 superchips, a key component of the US firm's next-generation Blackwell family computing platform.</p>.Sensex, Nifty hit fresh all-time high levels in early trade.<p>Underscoring Foxconn's rosy prospects, October sales hit a record high for the month and the company, formally called Hon Hai Precision Industry, has said it expects fourth-quarter revenue to grow year-on-year.</p><p>It does not provide numerical guidance.</p><p>Net profit for July-September for Apple's top iPhone assembler came in at T$49.3 billion ($1.5 billion), according to Reuters calculations.</p><p>That marked a fifth consecutive quarter of profit growth and compared with a T$46.3 billion LSEG consensus estimate of 14 analysts.</p><p>Last month, the company said third-quarter revenue jumped 20 per cent from a year earlier, beating expectations to post its highest-ever revenue for that quarter on strong sales of AI servers.</p><p>Foxconn's shares have doubled so far in 2024, beating the broader market's 28 per cent gain, buoyed by its confident outlook on AI.</p><p>They closed down 1.4 per cent on Thursday ahead of the earnings release.</p>