Foxconn announces record Q2 revenue of NT$1.55 trillion, sees strong growth in AI servers, and anticipates significant advancements in smart manufacturing and electric vehicles.
Hon Hai Technology Group (Foxconn) has reported record-breaking financial results for the second quarter of 2024. The company achieved NT$1.55 trillion in revenue, marking a significant 19% increase year-over-year.
Operating profit surged 44% to NT$44.6 billion, while net profit reached NT$35 billion, up 6% from the previous year. Earnings per share (EPS) were NT$2.53, an increase of NT$0.15 from the same period last year.
Improved profit margins and higher demand for AI servers drove Foxconn’s strong performance. The gross profit margin improved to 6.42%, up from 6.41% a year ago, reflecting a favourable product mix and increased revenue. The company’s net profit margin slightly decreased to 2.26% from 2.53% last year, but overall profitability remained robust.
For the first half of 2024, Foxconn’s revenue reached NT$2.875 trillion, up 4% from the previous year. Gross profit increased 7% to NT$183.2 billion, and net profit grew 25% to NT$57.1 billion. The company’s EPS for the period was NT$4.12, compared to NT$3.31 a year ago.
Looking ahead, Foxconn anticipates continued growth in the third quarter. Entering the peak season, the company expects significant sequential and year-over-year improvements. The company forecasts strong performance across its main product segments, ingenious consumer electronics, cloud and networking products, and components.
Foxconn is also focusing on AI servers, with revenue up over 60% quarter-on-quarter, and expects AI servers to comprise 40% of overall server revenue this year. Additionally, the company is advancing its generative AI platforms in smart manufacturing, smart cities, and smart electric vehicles. Foxconn will highlight its innovations at the Hon Hai Tech Day 2024 on October 8-9.