Foxconn shares rise more than 5% after Q4 profit beats market estimates

By Thomson Reuters Mar 14, 2024 | 8:15 PM

TAIPEI (Reuters) – Shares of Apple supplier Foxconn rose more than 5% early on Friday after reporting a day earlier a fourth-quarter profit that beat expectations and forecasting a bullish outlook for this year due to booming demand for AI servers.

Foxconn on Thursday reported a forecast-beating 33% jump in net profit for the fourth quarter and said it expected a significant rise in revenue this year.

Shares of Foxconn, formally called Hon Hai Precision Industry Co Ltd, rose on Friday, compared with a 0.5% fall in the broader market.

(Reporting By Yimou Lee; Editing by Muralikumar Anantharaman)