Taiwan's Foxconn expects robust growth in its artificial intelligence server business next year and will increase investment in several countries amid mounting trade tensions between the U.S. and China,

Taiwanese electronics giant Foxconn, the world's leading contract manufacturer and a key Apple supplier, reported a surge in third-quarter profits, exceeding market expectations.

Foxconn’s third-quarter revenue jumped 20 per cent year-on-year (YoY), driven by demand for AI servers. This helped the company achieve its highest-ever revenue for the quarter. Foxconn’s shares have doubled in value so far this year, outpacing the broader market’s 28 per cent gain. / TISG

Apple supplier Foxconn reported on Thursday a 14% rise in third-quarter net profit, driven by strong AI server demand.

The contract electronics maker reported better-than-expected profit for the third quarter as the artificial-intelligence boom drove demand for AI servers.

Taiwan's Foxconn, the world's largest contract electronics maker, said on Thursday it expected robust growth in its artificial intelligence server business next year after reporting a better-than-expected 14% rise in quarterly profit.