Apple supplier Foxconn sees strong 2024 as Q4 beats forecasts

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Foxconn, the world’s largest contract electronics maker, anticipates a significant revenue increase in 2024, buoyed by surging demand for AI servers. Despite a slow start to the year, Foxconn’s fourth-quarter profit surpassed market estimates, reflecting promising prospects ahead.

The company’s outlook has brightened compared to earlier projections, with Chairman Young Liu previously expressing conservative expectations for 2024. While Foxconn anticipates a slight decline in revenue for the first quarter, particularly in smart computer electronics, it expects the overall trajectory to improve significantly throughout the year.

Despite the anticipated sluggishness in the first quarter, Foxconn remains optimistic about its long-term growth prospects. The company foresees a notable revenue increase in 2024 compared to previous years, underlining its confidence in capitalizing on the growing demand for AI servers and other advanced technologies.

Source: Reuters

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