Foxconn third-quarter revenue hits record, misses market forecast

Core Viewpoint - Foxconn reported record third-quarter revenue driven by strong demand for artificial intelligence products, although it fell short of market forecasts and expressed caution regarding exchange rates [1][2]. Revenue Performance - Foxconn's revenue for the third quarter reached T$2.057 trillion ($67.71 billion), marking an 11% increase from the same quarter last year [1]. - On a U.S. dollar basis, revenue rose 16.1% year-on-year, despite the Taiwan dollar strengthening approximately 8% against the U.S. dollar this year [2]. Product Segments - The cloud and networking products division experienced robust revenue growth due to strong AI demand, while the smart consumer electronics segment, including iPhones, saw a slight revenue decline attributed to exchange rate impacts [3]. Future Outlook - The company anticipates continued sequential quarterly growth as AI server shipments are expected to increase in the fourth quarter, alongside the traditional peak season for year-end holidays in major Western markets [4]. - Foxconn highlighted the need for close monitoring of the global political and economic situation and exchange rate fluctuations, although no specific details were provided [4]. Stock Performance - Foxconn's shares have increased by 23% this year, outperforming the Taiwan market's 16% rise, with the stock closing up 0.44% prior to the revenue data release [5].