TSMC Q1 profit rises 9%, beats market expectations

📆 09/10/45 09:59 ص
📰 ChannelNewsAsia

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TAIPEI: Taiwanese chipmaker TSMC posted a 9 per cent rise in first-quarter net profit on Thursday that beat market expectations as it rides a wave of demand for semiconductors used in artificial intelligence applications.

FILE PHOTO: The logo of Taiwan Semiconductor Manufacturing Co is pictured at its headquarters, in Hsinchu, Taiwan, January 19, 2021. REUTERS/Ann Wang/File Photo

TSMC, Asia's most valuable listed company, said first-quarter revenue rose 13 per cent year-on-year to US$18.87 billion, better than the company's previous forecast of $18 billion to $18.8 billion. The company last week announced first quarter revenue in Taiwan dollars, coming in at T$592.64 billion.

TSMC's Taipei-listed shares have surged 36 per cent so far this year. The stock was flat on Thursday ahead of the results versus a 0.4 per cent gain for the benchmark index.

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