Foxconn Precision Industry Co. Ltd. announced on Thursday that its net profit in the third quarter of the fiscal year 2024 observed an annual rise of about 14% to reach 46.09 billion New Taiwan dollars (NT$), or about $1.52 billion, beating estimates.

The electronics contract manufacturer's revenue increased by 20% compared to the same trimester the year before to hit NT$1.855 billion.

According to the company, the sales of its artificial intelligence (AI) servers were the major contributors to the growth, adding 32% of the third-quarter revenue. Cloud and networking services followed. Foxconn projected the shipments of its AI servers will increase, contributing even more to the revenue in 2025 and obtaining 40% of the global market share for such a product.