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Investing.com -- Foxconn (SS:601138), also known as Hon Hai (TW:2317) Precision Industry, reported a 13% decrease in profit for the fourth quarter, attributed to a weak performance in its consumer electronics division. This drop was despite the strength in its AI server segment business.
Foxconn, the world’s largest contract electronics maker, is Apple (NASDAQ:AAPL)’s top iPhone assembler and Nvidia (NASDAQ:NVDA)’s AI server maker.
For the period of October-December, the net profit came in at T$46.33 billion ($1.41 billion), falling short of analysts’ average forecast of T$54.4 billion. This estimate was based on a consensus from 15 analysts provided by LSEG.
Despite the drop in profit, Foxconn announced a 15.2% increase in its fourth-quarter revenue in January, reaching a record for that quarter due to strong sales of AI servers.
Looking ahead, Foxconn expects its performance for the first quarter to exceed the average level of the past five years. The company also anticipates strong year-over-year growth but does not provide numerical guidance.
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