Workers at a Foxconn factory
Foxconn, Apple's iPhone 16 The manufacturer reported a fourth consecutive quarter of increased profit, which it said was due to demand for AI servers.
In the previous quarter, Foxconn's higher profit came from better than expected demand for the iPhone. That will likely continue with the upcoming launch of the iPhone 16 series, but for the April-June 2024 quarter, Foxconn says its “strong growth momentum” came primarily from AI servers.
According to CNBCthose servers were responsible for more than 40% of Foxconn's server business in the quarter. Overall, Foxconn said net profit rose to 35.05 New Taiwan dollars ($1.09 billion), compared with NT$33 billion in the same quarter of 2023.