Foxconn Industrial Internet (FII) has reported 122 billion yuan (US$17 billion) in revenue and 6.32 billion yuan in net income for Q3, the best third-quarter performance in terms of net income. 

However, it is the first time its revenue has declined in a third-quarter report. The increase in profit is mainly driven by lower operating costs, which fell 9.7 percent.

The weak recovery of the consumer electronics industry is the primary cause of FII's declining revenue. High-end precision components for phones and wearable devices constituted 99 percent of 2022 revenue. In Q3, global phone shipments continued to fall.

AI may provide new momentum for the company. The development of the AI industry boosted FII stock from March to July. After peaking on July 14, an investigation into Foxconn, the parent company, effected a drop in FII stock during Q3 of more than 40 percent.