• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Foxconn Reports Positive Financial Outlook Driven by AI Server Demand and iPhone Shipments

user avatar

by Giorgi Kostiuk

2 years ago

  1. Foxconn's Financial Growth
  2. Plans for AI Factories
  3. iPhone Shipment Rebound and Global Smartphone Demand Increase


    4. Foxconn Technology Group, Apple's main contract manufacturing partner, has announced a positive financial outlook for the current quarter and the remainder of the year. The Taiwan-based company, formally known as Hon Hai Precision Industry, said it had posted strong profit growth in the June quarter.

    Foxconn's Financial Growth

    Foxconn's profit growth is attributed to the higher demand for servers used in artificial intelligence applications. The company's net income for the June quarter was NT$35 billion, in line with market expectations. Sales revenue for the same period reached NT$1.55 trillion, up 19% from the same period last year. This was mainly due to increased shipments of servers to data center operators that use Nvidia’s AI accelerators.

    Plans for AI Factories

    The company plans to achieve a 40% global market share of artificial intelligence servers. This strategy is based on the existing cooperation with key IT vendors and the company's manufacturing capacity. Foxconn's investment in AI technology has led to a nearly 80% rise in its share prices this year. The company plans to construct 'AI factories' incorporating Nvidia chips and software.

    Sales of AI servers could be a major growth factor for Foxconn because of its good relationship with Nvidia.Cecilia Chan, Bloomberg Intelligence

    iPhone Shipment Rebound and Global Smartphone Demand Increase

    Recent statistics show that iPhone shipments in China have rallied from the previous fall. There has also been a significant increase in the global market for smartphones due to rising consumer electronics demand and the integration of AI features in devices. Foxconn's July sales were up 22%, primarily due to AI server sales. The company's recent report indicates that almost all business segments have shown an upward trend in the current quarter. Cloud, networking, and components are expected to be growth drivers, while the smart electronics segment, including iPhones, is expected to remain steady for the year.

    Foxconn also indicated that Nvidia's leading AI semiconductor chip, the GB200, is on track and will begin shipment in the fourth quarter in small quantities, increasing significantly in early 2025.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Uniswap Proposes Protocol Fee Activation Across Multiple Deployments

chest

Hayden Adams, the founder of Uniswap, has proposed activating protocol fees across Uniswap v4 and other network deployments, reigniting a key governance debate in DeFi.

user avatarMaya Lundqvist

SEC Increases Position Limits for Bitcoin ETF Options

chest

The SEC has approved a significant rule change for options on BlackRock's iShares Bitcoin Trust, raising the position and exercise limits from 250,000 contracts to 1,000,000 contracts.

user avatarLeo van der Veen

BNB Chain Reaches $52 Billion in Tokenized Real-World Assets

chest

BNB Chain has reached approximately $52 billion in tokenized real-world assets, marking significant growth in the sector.

user avatarLi Weicheng

Sui Introduces Gas-Free Transfers for Stablecoins

chest

Sui has launched a new feature that allows users to transfer stablecoins without the need to hold the network's native token for transaction fees.

user avatarAisha Farooq

Pumpfun Transfers 81,712 SOL to Kraken, Impacting Solana Market

chest

Pumpfun has transferred a significant amount of SOL to Kraken, raising concerns about selling pressure in the Solana market amidst declining memecoin trading activity.

user avatarTenzin Dorje

Bitcoin ETF Inflows Surge Amid Improved Macro Sentiment

chest

Bitcoin ETFs recorded significant net inflows of $1.323 million on July 17, indicating renewed demand for Bitcoin through regulated investment products.

user avatarBayarjavkhlan Ganbaatar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.