Apple’s Key Supplier Foxconn’s Gross Profit Hit 7 Year High In Q3, Aims To Expand AI Capabilities By Next Year
Apple Inc.‘s (NASDAQ:AAPL) Taiwan-based supplier Foxconn (OTC:HNHPF) reported its third-quarter results on Thursday. The company, also known as Hon Hai Precision Industry, said its profit margins improved across the board.
According to the company’s press release, its gross profit margin hit a quarterly record high not seen since 2017. Net profit attributable to owners of the parent company in the third quarter grew by 31% sequentially and 11% annually to NT$43.1 billion or $1.3 billion.
Gross profit margin and operating profit margin also displayed improvement on a sequential and annual basis. With an earnings per share at NT$3.11 or $0.095, the company reported revenue of NT$1.5432 or $47.3 billion indicating a quarterly increase of 18% but a 12% decrease year-on-year.
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