Foxconn on Monday released updated financial data showing third-quarter revenue rose 47% from a year earlier to NT$3.03 trillion, or about $95.4 billion, as global spending on artificial intelligence hardware continued to support demand.
Third-quarter revenue beat market estimates
Revenue for the July-to-September period reached NT$3.03 trillion, well above the NT$2.83 trillion analyst estimate tracked by LSEG’s SmartEstimate. The report said the growth was driven by both cloud server demand and consumer electronics shipments, pointing to steady expansion across the AI supply chain during the year-end peak season.
On a monthly basis, September revenue climbed 38.42% year over year to NT$1.16 trillion. That was a record for a single month and the first time Foxconn’s monthly revenue topped the NT$1 trillion mark.
Cloud and smart consumer electronics both advanced
Foxconn said cloud and networking products and its smart consumer electronics segment both posted strong growth, supported by new product launches from core clients and data center construction demand.
The company did not disclose full details in this announcement. Its complete third-quarter financial report and detailed earnings data are expected to be released on Nov. 12.
Fourth-quarter outlook and broker target changes
As a key manufacturing partner for Nvidia and Apple, Foxconn said AI-related demand will continue into the fourth quarter. Combined with the traditional peak shipping season for consumer electronics, the company said overall operating performance is expected to meet current market forecasts.
After the company briefing, foreign brokerages updated their views. Citi maintained its Buy rating and raised its target price to NT$400 from NT$360, citing stronger demand for servers and high-speed networking. Nomura also kept its Buy rating and lifted its target price to NT$435.
Share performance
Foxconn shares are up 10% this year, trailing the 72% gain in Taiwan’s benchmark weighted index. On Monday, before the revenue figures were released, the stock closed up 1.2%, while the benchmark index rose 2.6%.
Key figures from the report
- Q3 revenue: NT$3.03 trillion, up 47% year over year
- SmartEstimate forecast: NT$2.83 trillion
- September revenue: NT$1.16 trillion, up 38.42%
- Full Q3 report release date: Nov. 12
- Citi target price: raised from NT$360 to NT$400
- Nomura target price: raised to NT$435