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Foxconn shares rise 9.5% as Q4 earnings tops market predictions

The emblem of Foxconn is shown outside the company's headquarters in Taipei, Taiwan November 10, 2022

TAIPEI, March 15 (mod1s) - Shares of Apple (AAPL.O), opens new tab supplier Foxconn (2317.TW), opens new tab rose as much as 9.5% early on Friday to their highest in three years, a day after it reported a fourth-quarter profit that beat expectations and forecast a bullish outlook for this year due to booming demand for AI servers. 

Foxconn, officially named Hon Hai Precision Industry Co Ltd, on Thursday announced a bigger-than-expected 33% surge in net profit for the fourth quarter and said it was also hoping for a strong boost in sales this year.

"We view Hon Hai as a major beneficiary of Nvidia’s next-generation AI server products with increasing AI server assemblies/racks orders," analysts at Daiwa Capital Markets said in a note following the results conference. 

Profits at the world's biggest contract electronics producer might grow 13%-25% this year compared to a "flattish" previous year, they added. 

Shares of Foxconn surged in early trade, beating a 0.5% decrease in the overall market (.TWII), opens new tab.

Foxconn gained as much as 9.5% to hit T$132.50, its best since March 23, 2021.


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