Foxconn, formally known as Hon Hai Precision Industry, reported third-quarter revenue of T$3.03 trillion (about $95.4 billion) on Monday, a 47% jump from the same period a year earlier, comfortably beating market expectations as demand for artificial intelligence infrastructure keeps accelerating.
The figure came in well above the LSEG SmartEstimate of T$2.83 trillion — a consensus that gives greater weight to forecasts from analysts with the strongest track records — underscoring how much momentum the AI hardware boom still carries.
The world's largest contract electronics maker and Nvidia's biggest server manufacturer said strong AI demand drove robust growth across its cloud and networking products division, while its smart consumer electronics business, which includes assembling iPhones for Apple, also posted significant growth.
A record month for the iPhone maker-turned-AI giant
September alone delivered revenue of T$1.16 trillion, up 38% year on year — a record for a single month and the first time the company's monthly revenue has ever crossed the T$1 trillion mark.
The numbers reflect a deeper shift in what Foxconn actually is. Its cloud and networking segment — home to the AI servers that house Nvidia's chips — now accounts for more than half of the company's revenue, turning the company long known as Apple's chief iPhone assembler into an AI-infrastructure maker by majority.
That transformation has made Foxconn's monthly revenue releases a live gauge for the global AI buildout: because the company physically builds Nvidia's servers and reports every month, its numbers offer investors a near-real-time read on whether data-centre spending is holding up.
Nvidia rides the momentum toward a record
Wall Street read the signal the same way. Nvidia shares were up about 0.9% at $236.02 in premarket trading on Monday, putting the chipmaker within reach of a new all-time closing high above the $235.74 it set in May, according to Barron's.
Investors appear increasingly comfortable that the company behind the AI era — valued at roughly $5.6 trillion — can still be undervalued: Nvidia now trades at about 17 times forward earnings, down from around 24 times when Barron's recommended the stock in May, and the average Wall Street price target sits at $334.45.
What comes next
Foxconn said it expects AI-related operations to keep growing in the fourth quarter and that, combined with the traditional second-half peak season for electronics products, should support overall performance in line with current market expectations.
The company also struck a cautious note, saying it "remains necessary to monitor the impact of a volatile global political and economic environment" — a reminder that the AI boom is unfolding against a backdrop of geopolitical uncertainty.
Foxconn does not provide numerical forecasts and will report full third-quarter earnings on November 12, when investors will learn how much of that record revenue translated into profit.
Its shares have gained about 10% this year — trailing a 72% surge for the broader Taiwan market — and closed up 1.2% on Monday ahead of the revenue release, while the benchmark index ended the day 2.6% higher.
