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Foxconn Shares Soar as Q4 Profit Exceeds Expectations, Fueled by AI Server Demand

March 16, 2024
in Technology
Foxconn Shares Soar as Q4 Profit Exceeds Expectations, Fueled by AI Server Demand
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Foxconn, the world’s largest contract electronics manufacturer and a key supplier for tech giant Apple, witnessed a remarkable surge in its share prices on Friday, March 15th. The company’s shares skyrocketed by as much as 9.5%, reaching a three-year high.  

This growth follows the release of its fourth-quarter earnings report and bullish outlook for the current year, driven by the surging demand for artificial intelligence (AI) servers.

Impressive Q4 Performance and Optimistic Outlook 

On Thursday, March 14, Foxconn, formally known as Hon Hai Precision Industry Co Ltd, reported a stellar 33% year-over-year jump in its net profit for the fourth quarter of 2023.

 This impressive performance, which totaled NT$44.9 billion ($1.5 billion), exceeded market expectations and set the stage for the subsequent rally in the company’s share prices on Friday.

Foxconn’s optimism for 2024 was further fueled by the anticipation of a significant rise in revenue. The company projected a revenue growth range of 10% to 15% for the current year, buoyed by robust demand across its product lines, particularly in the growing field of AI hardware.

Analysts at Daiwa Capital Markets highlighted Foxconn’s potential to capitalize on Nvidia’s next-generation AI server products, which are expected to drive a surge in demand for high-performance computing hardware. The company is expected to secure increasing orders for AI server assemblies and racks, positioning it as a key player in the rapidly expanding AI infrastructure market.

We view Hon Hai as a major beneficiary of Nvidia’s next-generation AI server products with increasing AI server assemblies/racks orders,

The analysts wrote in a note following Foxconn’s earnings briefing.

This should support Hon Hai’s revenue/earnings growth in the coming quarters.

They added. 

Notably, Daiwa Capital Markets analysts projected that Foxconn’s profits could surge between 13% and 25% in 2024, a stark contrast to the relatively flat performance observed in 2023. Foxconn’s shares outperformed the broader Taiwanese market on Friday, with the company’s stock rising as much as 9.5% to reach NT$132.50, its highest level since March 23, 2021. 

This impressive rally occurred despite a 0.5% decline in the broader TAIEX index, highlighting the market’s confidence in Foxconn’s growth prospects.

Implications for the Broader AI Hardware Ecosystem

Foxconn’s strong performance and optimistic outlook serve as a testament to the rapidly growing demand for AI hardware and infrastructure. As the world’s largest contract electronics manufacturer, Foxconn’s success is inextricably linked to the broader AI ecosystem. 

This includes chip designers like Nvidia and AMD, software developers, and end-users across various industries such as technology, finance, healthcare, and automotive. Foxconn’s success will likely spur increased investment and innovation in the AI hardware space, further fueling the growth of the AI industry as a whole.

Foxconn’s diversification into AI hardware production could potentially alleviate some of the company’s reliance on consumer electronics giants like Apple. This will reduce its exposure to cyclical demand fluctuations in the consumer market. Rivals such as Pegatron and Quanta Computer are also ramping up their efforts to capture a slice of the AI server assembly business.

However, the ongoing global chip shortage and supply chain disruptions pose potential challenges for Foxconn and the broader AI hardware industry. Securing a stable supply of semiconductors and other critical components will be crucial for maintaining production levels and meeting the surging demand for AI hardware.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/news/foxconn-shares-soar-as-q4-profit-exceeds-expectations-fueled-by-ai-server-demand/

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