Nvidia supplier Foxconn third-quarter profit beats expectations, rising 17% on AI demand

Foxconn, the world's largest contract electronics maker, reported Wednesday that its third-quarter profit jumped 17% from a year earlier.

Here's how Foxconn did in the September quarter compared with LSEG SmartEstimates, which are weighted toward forecasts from analysts who are more consistently accurate:

• Revenue: $2.06 trillion New Taiwan dollars ($66.29 billion) vs. NT$2.06 trillion expected
• Net profit: NT$57.67 billion vs. NT$50.41 billion

Foxconn, formally known as Hon Hai Precision Industry, is best known as the world's largest manufacturer of Apple's iPhones, but has been shifting into other business avenues, including AI.

The firm manufactures server racks designed for AI workloads and has become a key partner to American AI chip darling Nvidia.