Foxconn profit jumps as iPhone maker banks on AI server revenue for growth
By Steve Goldstein
Hon Hai Precision Industries, better known as Foxconn, said its fourth-quarter profit jumped 33% despite revenue going down.
The maker of iPhones (TW:2317) said its profit rose to 53.15 billion New Taiwan dollars ($1.69 billion), while revenue fell 6% to NT$1.85 trillion dollars.
Analysts polled by Visible Alpha expected a profit of NT$43.82 billion, while revenue was in line.
Its operating margin improved, rising 39 basis points to 2.64%.
In a slide presentation, Foxconn gave a vertical arrow to describe its 2024 outlook on cloud and networking products, and a horizontal one for smart consumer electronics products, the unit that makes the iPhones for Apple. It said 30% of its server revenue came from artificial intelligence-geared products.
Shares of Hon Hai have gained 16% year to date.
-Steve Goldstein
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
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03-14-24 0326ET
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