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Taiwan's Foxconn reports 35% rise in Q2 profit on AI demand, beats forecasts
['Wed', 'August', 'At Am Gmt', 'Min Read']
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TAIPEI, Aug 12 (Reuters) - Taiwan's Foxconn, the world's largest contract electronics maker, reported on Wednesday a 35% rise in second-quarter profit, beating analyst forecasts, on continued strong demand for AI, which it predicted would drive growth this year.
In an earnings release, it stuck to its previous forecast of "strong" growth for revenue this year and said it also saw strong AI demand driving growth throughout the year.
Foxconn, formally called Hon Hai Precision Industry, in July reported a 40% year-on-year jump in second-quarter revenue.
The company is also building factories in Mexico and Texas to make AI servers for Nvidia.
Foxconn shares closed 2.7% higher on Wednesday ahead of the earnings release.