Shares of Apple (AAPL.O) supplier Foxconn (2317.TW) rose as much as 9.5 per cent early on Friday to their highest in three years, a day after it reported a fourth-quarter profit that beat expectations and forecast a bullish outlook for this year due to booming demand for AI servers.
Foxconn, formally called Hon Hai Precision Industry Co Ltd, on Thursday reported a bigger-than-expected 33 per cent jump in net profit for the fourth quarter and said it was also looking for a significant rise in revenue this year.“We view Hon Hai as a major beneficiary of Nvidia’s next-generation AI server products with increasing AI server assemblies/racks orders,” analysts at Daiwa Capital Markets wrote in a note after the earnings briefing.Profits at the world’s largest contract electronics maker could rise 13 per cent-25 per cent this year compared to a “flattish” last year, they said.Shares of Foxconn jumped in early trading, outpacing a 0.5 per cent fall in the broader market (.TWII).Foxconn rose as much as 9.5 per cent to touch T$132.50, its highest since March 23, 2021.Follow the
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