Foxconn’s third-quarter profit surged 17% year-over-year, driven by AI server business growth. Revenue was $2.06 trillion New Taiwan dollars, beating expectations. The company anticipates continuous growth in the peak season, fueled by AI server shipments and ICT product demand. Foxconn cautioned on global uncertainties and exchange rate fluctuations.

The company’s ‘Cloud and Networking’ segment experienced robust growth due to AI server rack demand. Foxconn’s server manufacturing business is thriving, with strong demand and strategic partnerships like Nvidia. Analysts expect favorable fourth-quarter results despite potential margin pressures. The firm is also collaborating on “Level 4” autonomous vehicles and AI data center solutions with Mitsubishi Electric.

Read more at CNBC: Nvidia supplier Foxconn third-quarter profit beats expectations, rising 17% on AI demand