Foxconn’s Q1 profit to jump from low base, robust AI demand to power growth

Taiwan’s Foxconn, the world’s largest contract electronics maker, is expected to report on Tuesday that first-quarter profit more than doubled on robust demand for artificial intelligence servers and after coming off a low base a year ago.

Last month, the company said first-quarter revenue slid 10 per cent from a year earlier but it has been bullish about 2024.

Net profit for January-March for Apple’s top iPhone assembler likely came in at T$29.3 billion ($904.6 million), according to an LSEG consensus estimate of 15 analysts.