Taiwan's Foxconn, Apple supplier, reports 72% Q1 profit increase due to AI server demand and a low base from the previous year.
Taiwan's Foxconn, a major Apple supplier, reported a 72% increase in first-quarter profit, mainly due to strong demand for AI servers and a low base from the previous year. Despite this, the company's revenue declined during this period. Foxconn aims to produce 25% of its iPhones in India by 2028. The increase in profit can be attributed to strong demand for AI servers and the fact that the company's Q1 earnings last year were relatively low due to the pandemic.
May 14, 2024
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