IPhone Maker Hon Hai’s Profit Beats Estimates On AI Demand

Bloomberg11-14

(Bloomberg) -- Key iPhone assembler Hon Hai Precision Industry Co. reported a stronger-than-expected quarterly profit on persistent demand for servers powering AI applications. The company, also known...

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The Taiwanese assembler previously said quarterly revenue grew 20% to a record NT$1.85 trillion, aided by solid orders for servers containing Nvidia Corp.’s cutting-edge chips.Hon Hai reiterated its view that the current quarter will deliver sales growth both annually and sequentially. It expects AI server sales to make up 50% of its total server business in 2025, while cautioning that its smart consumer products business will show a decline this year. It previously forecast flat sales for that segment.Hon Hai’s sales growth could accelerate in 2024-25 as the proliferation of AI emerges as the company’s key growth engine and iPhone demand stabilizes. Its vertical inte","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU0149725797.USD":"汇丰美国股市经济规模基金","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","HNHAF":"Hon Hai Precision Industry Co. 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Ltd.","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC"},"translate_title":"IPhone制造商鸿海利润超出人工智能需求预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HNHAF":0.9,"HNHPF":0.9,"GOOGL":0.68},"content_text":"(Bloomberg) -- Key iPhone assembler Hon Hai Precision Industry Co. reported a stronger-than-expected quarterly profit on persistent demand for servers powering AI applications.\nThe company, also known as Foxconn, said on Thursday net income in the September quarter was NT$49.3 billion ($1.5 billion), beating an average estimate of NT$45.7 billion. The Taiwanese assembler previously said quarterly revenue grew 20% to a record NT$1.85 trillion, aided by solid orders for servers containing Nvidia Corp.’s cutting-edge chips.\nHon Hai reiterated its view that the current quarter will deliver sales growth both annually and sequentially. It expects AI server sales to make up 50% of its total server business in 2025, while cautioning that its smart consumer products business will show a decline this year. It previously forecast flat sales for that segment.\nHon Hai’s sales growth could accelerate in 2024-25 as the proliferation of AI emerges as the company’s key growth engine and iPhone demand stabilizes. Its vertical integration and global footprint put it in a favorable position as AI server complexity increases and demand for local production rises.\n— Steven Tseng and Sean Chen, analysts\nClick here for the full research.\nHon Hai Chairman Young Liu told Bloomberg TV in October that his company was boosting server production capacity to meet “crazy” demand. Hon Hai has been a major beneficiary of the AI infrastructure boom driven by major cloud service providers including Microsoft Corp., Alphabet Inc., Meta Platforms Inc., and Amazon.com Inc. Those big four US firms collectively are set to spend over $200 billion this year on hardware to develop AI.\nHowever, Hon Hai’s October revenue grew at the slowest pace since February, stoking concerns that spending on data center buildout may be moderating.\nAnother headache that could be looming for Hon Hai comes from the stiff tariffs US President-elect Donald Trump has threatened to impose on imports. The company started to accelerate the pace of diversifying its manufacturing bases during the first Trump administration, but it still makes the majority of iPhones in China, despite having shifted some production to India.\n(Adds fourth quarter outlook and 2025 expectations for AI servers)\n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483826393"}