Foxconn Reports Record Q2 2024 Results

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Hon Hai Technology Group (Foxconn) announced record-breaking financial results for the second quarter of 2024.

Revenue surged 19% year-over-year to NT$1.55 trillion, marking a new quarterly high. Operating profit and net profit also reached unprecedented levels for the second quarter. Earnings per share climbed to NT$2.53.

Looking ahead, the company anticipates significant growth in the third quarter due to the traditional peak season. For the full year, Foxconn maintains its forecast of substantial growth driven by robust demand for AI servers.

Second Quarter Financial Highlights

• Revenue: NT$1.55 trillion, up 19% year-over-year
• Gross profit: NT$99.5 billion, up 19% year-over-year
• Operating profit: NT$44.6 billion, up 44% year-over-year
• Net profit: NT$35 billion, up 6% year-over-year
• Earnings per share: NT$2.53

First Half Financial Highlights

• Revenue: NT$2.875 trillion, up 4% year-over-year
• Gross profit: NT$183.2 billion, up 7% year-over-year
• Operating profit: NT$81.4 billion, up 14% year-over-year
• Net profit: NT$57.1 billion, up 25% year-over-year
• Earnings per share: NT$4.12

Outlook and Business Updates

Foxconn expects strong sequential and year-over-year growth in the third quarter across all major product segments except computing products, which is facing a tough comparison to a strong prior-year period.

The company is experiencing robust demand for AI servers, with this segment contributing over 40% of total server revenue in the second quarter. Foxconn aims to make AI servers its next trillion-dollar revenue product.

The company is also advancing its smart manufacturing, smart city, and smart electric vehicle initiatives. In particular, Foxconn has delivered over 5,400 electric vehicles through July and is pursuing partnerships with multiple automotive customers.

The company is investing in semiconductor capabilities, including silicon carbide (SiC) supply chain and ADAS SoC chip development.

Hon Hai Tech Day 2024

Foxconn will host its annual technology conference, Hon Hai Tech Day 2024, on October 8-9. The event will feature keynote speakers and technology showcases.