Major Apple assembler Foxconn’s August sales increase 33%

The logo of electronics contract manufacturer Foxconn Technology Group, formally known as Hon Hai Precision Industry, is displayed at its headquarters in Taipei. Photo: Agence France-Presse
Major Apple assembler Hon Hai Precision Industry Co., aka Foxconn, saw its revenue rise 33% in August, accelerating from the previous month. The company reported sales of NT$548.3 billion (US$17.1 billion) — a record for the month of August. That pace was up markedly from growth of 22% in July.
Jane Lanhee Lee for Bloomberg News:
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Foxconn’s topline has begun to recover from a protracted smartphone slump, helped by a growing business supplying data center operators with servers containing Nvidia Corp.’s AI accelerators. Last month, it said it expects revenue to grow over the rest of year, reversing successive quarterly declines. The company’s shares are up close to 70% in 2024.
Hon Hai has set itself the goal of securing 40% of the global AI server market, relying on relationships with many of the world’s biggest tech companies and its own manufacturing expertise.
The Taiwanese company also benefits from consumer electronics demand, and the addition of AI features and enhancements may encourage mobile users to upgrade their devices. Shipments of the iPhone in China have in recent months have bounced back, and the global smartphone market is recovering. Apple is preparing to unveil the iPhone 16 next week.
“Entering the peak season in the second half of the year, we anticipate our operation to gradually gain momentum,” the company said in a statement.

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MacDailyNews Take: A positive data point for Apple, Nvidia, and AI in general.

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