Business News | AI Boom Lifts Foxconn August Sales to USD 29.14 Billion
Get latest articles and stories on Business at LatestLY. Taiwan-based manufacturing giant Hon Hai Precision Industry Co, globally known as Foxconn, reported a 51.98 per cent year-on-year rise in consolidated sales to NT$921.77 billion (USD 29.14 billion) in August, amid strong global demand for artificial intelligence applications, according to a news report by Focus Taiwan.
Taipei [Taiwan], September 5 (ANI): Taiwan-based manufacturing giant Hon Hai Precision Industry Co, globally known as Foxconn, reported a 51.98 per cent year-on-year rise in consolidated sales to NT$921.77 billion (USD 29.14 billion) in August, amid strong global demand for artificial intelligence applications, according to a news report by Focus Taiwan.
According to the report, the August sales were the second-highest monthly sales in Hon Hai's history, trailing only the NT$946.51 billion (USD 29.85 billion) recorded in July.
Foxconn, a major iPhone assembler and AI server maker, said its cloud and networking division recorded significant year-on-year revenue growth in August as AI momentum accelerated.
Its smart consumer electronics division also reported significant sales growth, supported by clients rebuilding inventories ahead of the launch of new products and higher shipment prices, the report said.
The company's electronics component and computing product divisions also posted strong year-on-year growth during the month, the report said.
On a month-on-month basis, the cloud and networking and electronics component divisions recorded significant sales growth in August. However, the smart consumer electronics and computing product divisions reported a decline in sales compared with July.
For the first eight months of the year, Foxconn’s consolidated sales stood at NT$6.51 trillion (USD 205.32 billion), up 39.73 per cent from the same period a year earlier.
Looking ahead, Foxconn said the third quarter is traditionally a peak season for the information and communications technology industry and expects its sales growth momentum to continue.
Separately, Apple supplier Largan Precision Co reported August consolidated sales of NT$5.01 billion (USD 158.01 million), down 16 per cent year-on-year but up three per cent month-on-month, Focus Taiwan reported.
Largan said lenses with 20 megapixels and above, which carry higher profit margins, accounted for 10-20 per cent of its August sales. Lenses in the 10-20 megapixel range made up 60-70 per cent, while 8-megapixel lenses accounted for less than 10 per cent and other products for 20-30 per cent.
The report further said that during January-August, Largan's consolidated sales rose four per cent year-on-year. The company further expects sales to increase in September as traditional peak-season demand and client inventory building ahead of new product launches support shipments. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)