TAIPEI – Foxconn reported an 11% increase in its third-quarter profits and predicted 2024 revenue growth of less than 5% amid intense geopolitical uncertainty.

"If there aren't any political or macroelectronics changes, the markets will probably grow and we will see around 5% growth," Foxconn Chairman Young Liu said in an earnings call on Tuesday. "But such growth will easily be offset by geopolitical dynamics."

Liu said growth momentum will come mainly from Foxconn's server business, especially from demand for cloud services and AI servers. The company's electric buses have entered production and its electric passenger vehicle, the Model C, has also begun mass production and contributed revenue to Foxconn, he said.

"We hold a rather 'neutral' view on the outlook for information communication technology products," Liu said. Such products usually refer to consumer electronics goods like smartphones.

The company said net profit for July-September rose to NT$43.1 billion ($1.3 billion) from NT$38.8 billion in the same period last year.

Tuesday's results follow consecutive quarterly profit misses – with January-March seeing a drop of 56% and a 1% fall in the next three months.