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# Foxconn Reports 20% Jump in Q3 Revenue, Buoyed by AI Server Demand
- URL: https://www.ai-360.online/foxconn-reports-20-jump-in-q3-revenue-buoyed-by-ai-server-demand/
- Published: 2024-10-07T08:07:32.000Z
- Updated: 2024-10-07T08:07:32.000Z
- Description: Foxconn's cloud and networking products division saw robust revenue growth due to strong AI server demand.
- Author: AI-360
- Tags: News, Foxconn

Foxconn reported a 20.2% year-over-year increase in third-quarter revenue, reaching T$1.85 trillion ($57.3 billion) and surpassing market expectations.

Foxconn, Apple's biggest iPhone assembler, attributed this record-breaking performance to strong demand for artificial intelligence (AI) servers, which boosted Foxconn's cloud and networking products division Meanwhile, the smart consumer electronics segment, which includes iPhones, saw strong quarter-on-quarter growth following new product launches, though its year-on-year performance remained flat.

September alone saw revenue reach T$733 billion, up 10.9% year-on-year and marking the second-highest ever level for the month.

Foxconn's shares have surged 86% so far this year, significantly outperforming the broader Taiwan market's 24% rise. On the day of the announcement, shares closed up 3.7%, contrasting with a 0.4% fall in the benchmark index.The company is set to report its full third-quarter earnings on November 14.

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