iPhone assembler Foxconn posts record Q3 revenue

Apple’s (AAPL) largest iPhone assembler, Foxconn Technology (OTCPK:FXCOF), on Saturday reported T$1.85T ($57.3B) in revenue for Q3 2023, recording its best quarterly performance for the period, thanks to a robust demand for its artificial intelligence (AI) servers.

“The result exceeded the company’s original expectations of significant growth,” Foxconn, the world’s biggest contract electronics maker, said in a statement announcing the unaudited results.

The Taiwanese company, formerly known as Hon Hai Precision Industry (OTCPK:HNHAF) (OTCPK:HNHPF), recorded ~20.2% YoY growth for the quarter, driven by its Cloud and Networking Products division, which counts chipmaker Nvidia (NVDA) among its customers.

Despite strong quarter-over-quarter growth thanks to new product launches, its Smart Consumer Electronics Products, tasked with iPhone assembly, recorded flat revenue growth compared to the prior-year period.

Additionally, Foxconn recorded T$4.73T ($146.4B) in revenue for the YTD period, implying ~9.7% YoY growth, while its September revenue reached T$733.0B ($22.7B), with ~34.0% growth from August.

As for the outlook, the company said its Q4 performance is expected to be in line with current market expectations.