TAIPEIA day after the company reported a profit for the fourth quarter that above expectations and set a positive prognosis for this year due to the booming demand for artificial intelligence servers
shares of Apple supplier Foxconn jumped as much as 9.5% early on Friday, reaching their highest level in three years from the previous day.
On Thursday, Foxconn, which was formerly known as Hon Hai Precision Industry Co Ltd, announced that it had achieved a growth in net profit for the fourth quarter that was greater than what was anticipated by 33%
Additionally, the company stated that it was anticipating a considerable increase in revenue for this year.
In a note that was sent after the earnings briefing, analysts from Daiwa Capital Markets stated, "We view Hon Hai as a major beneficiary of Nvidia's next-generation AI server products with increasing orders for AI server assemblies and racks."
They predicted that the profits of the largest contract electronics manufacturer in the world may increase by 13% to 25% this year, compared to a "flattish" year in the previous year.
In the early trading session, shares of Foxconn increased, outperforming a decline of 0.5% in the overall market overall.
The stock of Foxconn reached a new high of T$132.50, its highest level since March 23, 2021, after a 9.5% increase
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