TAIPEI (Reuters) – Taiwanese electronic components maker Foxconn, which supplies several technology giants, reported record third-quarter revenue on Saturday as demand for its artificial intelligence (AI) servers surges.

The group, which notably assembles Apple iPhones in its factories, posted a 20.2% jump in its quarterly turnover over one year, to 1,850 billion Taiwan dollars (52.20 billion euros). .

“The result exceeded the company’s initial expectations of significant growth,” Foxconn said in a statement.

This result also exceeds the expectations of analysts who expected 1.790 billion Taiwan dollars, according to an LSEG SmartEstimate consensus.

Strong demand for AI servers led to robust revenue growth in the cloud and networking products division, said Foxconn, which also counts the chipmaker as a customer. Nvidia.

In consumer electronics, which includes iPhones, growth was strong quarter-over-quarter thanks to new product launches, but performance remained stable year-over-year.

Traditionally, Taiwanese technology companies ramp up the pace in the third quarter in order to supply their customers in time for the holiday season.

In September alone, the group’s turnover increased by 10.9% year-on-year, to 733 billion Taiwan dollars, one of its highest results for this particular month.

For the fourth quarter, sales should gradually reach a plateau and “be roughly in line with current market expectations,” said the company, which does not provide numerical forecasts.

On the stock market, Foxconn shares have jumped 86% since the start of the year, outperforming the entire Taiwanese market which has climbed 24%.

The company will publish all of its results for the third quarter on November 14. It will hold its annual forum or “Tech Day” on October 8-9, an event where Foxconn typically unveils its new products and partnerships.

(Written by Ben Blanchard; Kate Entringer)

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