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Foxconn Technology (OTCPK:FXCOF) reported a better-than-expected 27% rise in profit in the second quarter and forecast higher sales growth in its AI server business in the third quarter.
The Apple (AAPL) supplier — which is formally known as Hon Hai Precision (OTCPK:HNHAF) (OTCPK:HNHPF) — saw net income of NT$44.36B ($1.5B) for the second quarter, beating an average analyst estimate of NT$36.14B, Bloomberg News reported.
Foxconn expects significant year-on-year revenue growth in the third quarter, with AI server revenue expected to soar over 170% year-on-year.
Nvidia (NVDA) is among the company’s prominent customers.
Foxconn said it now expects business for smart consumer electronics, which includes iPhone assembly, to slide this year instead of holding steady, the report added.
The Taiwan-based company gets a large portion of revenue from Apple, and it’s indicated that while overall sales will still grow in 2025, it will be at a slower pace than previously expected, the report noted.
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