Foxconn, the Taiwanese company that’s the world’s largest contract electronics manufacturer, has reported record 3rd quarter earnings, even as it missed forecasts. Revenue rose 10.99% from the same quarter last year, to T$2.057 trillion. Foxconn says that results are better than expected, even though it missed the T$2.134 trillion LSEG SmartEstimate.
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Foxconn credits robust AI demand for increased revenue in its Cloud and Networking products division. The Components and Other Products division also showed strong growth. At the same time, the company’s Smart Consumer Electronics division showed a small decline, mainly due to exchange rates. Foxconn is Apple’s (AAPL) top iPhone assembler, and Nvidia’s (NVDA) largest server manufacturer.
Looking forward, the company expects to see sequential growth in future quarters. At the same time, Foxconn acknowledges the need to continue to monitor exchange rate fluctuations and the effects of the global political and economic situation.
Is There an ETF for the Magnificent 7?
Nvidia and Apple are components of the “Magnificent 7,” so let’s see how the MAGS ETF is performing. The Roundhill Magnificent Seven ETF is a tech sector-focused fund.
Year-to-date, MAGS stock has risen 18.4%.
