Foxconn reports 47% revenue growth in the third quarter: artificial intelligence demand beats expectations

The Taiwanese electronics giant Foxconn reported on Monday a 47 per cent increase in third-quarter revenues year on year, a result that significantly exceeded market forecasts, as Reuters reports.

Revenues for the July–September period reached 3.03 trillion Taiwan dollars, or $95.39 billion, while analysts, according to the LSEG SmartEstimate — which gives greater weight to the forecasts of the most accurate analysts — had predicted only 2.83 trillion.

The main driver of the growth, according to Reuters’ reporting, was strong demand related to artificial intelligence. Foxconn, the world’s largest contract electronics manufacturer, is at the same time the largest manufacturer of Nvidia’s servers — the equipment that powers data centres in the global artificial intelligence race.

The quarterly result places the Taiwanese company among the main beneficiaries of the AI boom, at a time when investments in data infrastructure continue to grow at a high pace.