Foxconn Expects Big Jump in Q1 Profits, Fueled by AI Growth

Foxconn, the giant in electronics manufacturing, is poised to reveal a notable surge in profits. Projections indicate a first-quarter net profit of $904.6 million, representing a 129% increase from the previous year.
At the start of the year, the organization had encountered a 10% decline in revenues. Nevertheless, 2024 prospects are bright. The introduction of AI servers concentrating on HP and Dell among others by Foxconn has been revolutionary.

What is more, sales for the month of April hit an all-time high. The company is hopeful that this trend will continue throughout the second quarter as well although it does not make specific forecasts about its future revenues. Additionally, KGI Securities analysts expect strong and sustained demand for AI cloud servers. According to them, these will be the main drivers of sales and profits until 2025.