Taiwan Semiconductor Manufacturing Co Ltd (TSMC) reported a 13.5% rise in third quarter profit on Thursday, its strongest growth since 2017, as robust demand for 5G chips boosted sales despite fears of a global tech slowdown.
The world's largest contract chipmaker has shrugged off those concerns stemming from a protracted US-China trade war, as TSMC's high-performance chips are in demand for smartphones and fifth-generation telecommunications (5G) technology. TSMC, whose clients include Apple, Qualcomm Inc and Huawei, said July-September profit was T$101.07 billion ($3.30 billion).
That compared with a T$96.33 billion average forecast drawn from 20 analysts, according to Refinitiv data.
Revenue rose 10.7% to $9.4 billion, compared with the company's own estimate of $9.1 billion to $9.2 billion.
New smartphone launches ahead of the year-end shopping season, as well as rising demand for new technologies such as 5G and artificial intelligence, will continue to drive sales for TSMC's high-performance chips, known as 7nm, analysts said.
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