FOXCONN'S Q1 PROFIT WILL JUMP FROM LOW BASE, AI TO POWER GROWTH

Foxconn, the world's largest contract electronics manufacturer based in Taiwan, is anticipated to announce a significant increase in first-quarter profit on Tuesday. This surge in profit is attributed to strong demand for artificial intelligence servers and a favorable comparison to the previous year's low base.

Despite a 10% decline in first-quarter revenue compared to the previous year, Foxconn remains optimistic about its prospects for 2024. Analysts expect Foxconn's net profit for January to March to more than double to approximately T$29.3 billion ($904.6 million), based on a consensus estimate from 15 analysts compiled by LSEG. This strong performance underscores Foxconn's position as a key assembler for Apple's top-selling iPhones.

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