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40 minutes ago
- Yahoo
Nvidia Partner Hon Hai's Profit Climbs After AI Spending Rises
(Bloomberg) -- Hon Hai Precision Industry Co. posted a better-than-projected 27% rise in quarterly earnings, reflecting how AI demand is helping the Taiwanese company weather a moribund global consumer electronics market. Hon Hai, which makes servers for Nvidia Corp., reported net income of NT$44.36 billion ($1.5 billion) for the June quarter, versus an average projection for NT$36.14 billion. The company, also known as Foxconn, previously reported a 16% sales increase for the period. The US-Canadian Road Safety Gap Is Getting Wider Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Five Years After Black Lives Matter, Brussels' Colonial Statues Remain For Homeless Cyclists, Bikes Bring an Escape From the Streets Hon Hai is navigating abrupt and unpredictable geopolitical shifts while it tries to diversify its manufacturing footprint. It cut its full-year revenue guidance in May, citing potential fallout from a US-China trade war. Donald Trump has declared plans for a 100% tariff on semiconductor imports, though he's promised to exempt companies that move production to the US. Hon Hai, which makes most of Apple Inc. iPhones, is already grappling with tepid consumer demand globally during an economic downturn. The Taiwanese company gets a significant chunk of revenue from the iPhone maker, though AI servers have fast become its main growth driver. It's indicated that while overall sales will still grow in 2025, it will be at a slower pace than previously expected. An appreciating Taiwan dollar is also weighing on its financials. Every NT$1 rise against the greenback on a yearly average will reduce Hon Hai's revenue by about 3%, its executives have estimated. --With assistance from Vlad Savov. Americans Are Getting Priced Out of Homeownership at Record Rates Dubai's Housing Boom Is Stoking Fears of Another Crash Why It's Actually a Good Time to Buy a House, According to a Zillow Economist Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan The Electric Pickup Truck Boom Turned Into a Big Bust ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Hydro One Q2 Profit Rises on Higher Rates, Energy Demand
Hydro One Ltd. (TSX:H) posted a 12% year-over-year earnings gain in Q2 2025, driven by Ontario Energy Board-approved rate hikes and stronger electricity consumption, as the utility continues large-scale grid investments to meet the province's surging power demand. For the quarter ended June 30, Hydro One reported net income of C$327 million, or C$0.54 per share, up from C$292 million (C$0.49) in Q2 2024. Revenue rose to C$2.07 billion from C$2.03 billion, with revenues net of purchased power up 7% to C$1.17 billion. The gains were fueled by 2025 transmission and distribution rate increases and higher consumption, partially offset by elevated depreciation, asset removal, and financing costs. Context The results come as Ontario released its first Integrated Energy Plan in June, projecting robust electricity demand growth through 2050 and outlining new transmission projects. Hydro One—Ontario's largest electricity transmission and distribution utility—has stepped up capital spending, investing C$913 million in Q2 and bringing C$591 million of assets into service. These upgrades target aging infrastructure, storm restoration, and connecting new generation and load customers. The quarter also saw the ratification of a new labor agreement with the Power Workers' Union covering front-line and customer service roles, as well as the launch of the Ice Storm 2025: Recovery Grant, providing up to C$10,000 to 50 municipalities and First Nations impacted by the spring storm. Sustainability & Recognition Hydro One released its 2024 sustainability report, marking a decade of ESG disclosures, and earned multiple accolades, including its 10th straight year on Corporate Knights' 'Best 50 Corporate Citizens in Canada' list and spots on Forbes' 'Canada's Best Employers for Company Culture' and TIME's 'Canada's Best Companies 2025.' Dividend & Outlook The company declared a quarterly dividend of C$0.3331 per share, payable September 29. With a regulated rate base expected to reach C$28.5 billion in 2025, Hydro One is positioned to benefit from Ontario's grid expansion and electrification efforts. However, higher financing charges and storm-related asset costs underscore the pressures of maintaining and upgrading one of North America's largest provincial power networks. Hydro One shares closed Q2 with a market capitalization of C$29.4 billion, and the utility remains a central player in meeting Ontario's energy reliability and growth goals amid a rapidly shifting demand landscape. Read this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Youth employment high while some employers trying to hire
The youth unemployment rate in Canada has hit 14.6 per cent, the highest it's been since September 2010, barring the pandemic years. But what's the solution? Liam Britten spoke to bosses, job seekers and experts for their thoughts.
