New Delhi, Nov. 12 -- Taiwanese technology giant Foxconn, formally known as Hon Hai Precision Industry, on Wednesday reported a forecast-beating 17% rise in third quarter net profit. The significant growth was largely attributed to surging global investment in artificial intelligence (AI) and the resulting expansion of the company's crucial server business.

Net profit for the July-September period reached NT$57.67 billion (approximately $1.9 billion).

Foxconn, the world's biggest contract electronics manufacturer and Apple's top iPhone assembler, has been successfully executing a strategic pivot. The company's focus has shifted from the low-margin assembly of consumer devices towards manufacturing high-specification AI servers for major...