Taiwan Opposition Criticizes Plan to Block Chinese App Rednote Over Security Concerns 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
Air Transat Reaches Tentative Agreement With Pilots, Avoids Strike and Restores Normal Operations 
Intel’s Testing of China-Linked Chipmaking Tools Raises U.S. National Security Concerns 
SoftBank Shares Slide as Oracle’s AI Spending Plans Fuel Market Jitters 
Moore Threads Stock Slides After Risk Warning Despite 600% Surge Since IPO 
China Adds Domestic AI Chips to Government Procurement List as U.S. Considers Easing Nvidia Export Curbs 
Australia Enforces World-First Social Media Age Limit as Global Regulation Looms 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
Trump’s Approval of AI Chip Sales to China Triggers Bipartisan National Security Concerns 
SpaceX Edges Toward Landmark IPO as Elon Musk Confirms Plans 
Nvidia Develops New Location-Verification Technology for AI Chips 
JD.com Pledges 22 Billion Yuan Housing Support for Couriers as China’s Instant Retail Competition Heats Up 
Samsung SDI Secures Major LFP Battery Supply Deal in the U.S. 
Evercore Reaffirms Alphabet’s Search Dominance as AI Competition Intensifies 
Rio Tinto Signs Interim Agreement With Yinhawangka Aboriginal Group Over Pilbara Mining Operations 
Foxconn, the world's largest contract electronics maker, reported record-breaking third-quarter revenue of $57.3 billion, driven by strong demand for AI servers and cloud equipment. The company outperformed forecasts, posting a 20.2% year-over-year increase as its business momentum gains steam.
AI Servers Propel Foxconn's Record-Breaking Revenue
Due to robust demand for artificial intelligence (AI) servers, Foxconn, the biggest contract electronics producer in the world based in Taiwan, posted its highest-ever revenue for the third quarter, surpassing forecasts.
Sales for Apple's largest iPhone manufacturer reached T$1.85 trillion ($57.3 billion), an increase of 20.2% from the previous year, Reuters reports.
For Foxconn, "the result exceeded the company's original expectations of significant growth," as stated in Saturday's update.
Strong Demand for Cloud and Networking Drives Growth
Additionally, it surpassed a T$1.79 trillion LSEG SmartEstimate, which prioritizes predictions made by analysts with a higher track record of accuracy.
Foxconn, whose clients include Nvidia, an AI chip company, reported strong demand for its cloud and networking equipment sector, which resulted in solid revenue growth.
Smart Electronics Maintain Performance Despite Market Flatness
New product launches drove robust quarterly growth for smart consumer electronics, which includes iPhones, but the category as a whole performed flat year over year.
In preparation for the end-of-year holiday shopping season in Western markets, tech businesses in Taiwan typically begin rushing to supply big sellers like Apple with smartphones, tablets, and other devices in the third quarter.
September Sales Spike as Foxconn Eyes Q4 Momentum
In September alone, total income hit T$733 billion, marking a year-on-year increase of 10.9% and the second-highest monthly total ever.
"Entering the peak season in the second half of the year, we anticipate our operation to gradually gain momentum," Foxconn stated regarding its outlook for the current quarter.
Q4 Projections Expected to Meet Market Expectations
The statement continued, "The fourth quarter is expected to be roughly in line with current market expectations," but did not provide any further details.
Per MSN, the organization does not make quantitative predictions available.
The wider Taiwan market has seen a 24% increase in value this year, while Foxconn's shares have soared 86%. In defiance of a 0.4% decline on the benchmark index, they ended Friday up 3.7% in anticipation of the revenue data release.
Anticipating Tech Day and Full Earnings in November
Full third-quarter earnings will be reported on November 14 by the corporation. Typically, Foxconn unveils new products or partnerships at its annual Tech Day, which is set for Oct. 8-9.
