TSMC’s Q1 profit up 45%, beats market estimates

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TAIPEI: Taiwanese chip agency TSMC posted a forty five% soar in quarterly web profit on Thursday, boosted by booming semiconductor demand throughout the COVID-19 pandemic that has led to a worldwide chip crunch.

Net profit for January-March at Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chipmaker and a significant Apple Inc provider, rose to T$202.7 billion ($7 billion) from T$139.7 billion a 12 months earlier.

That in contrast with the T$184.67 billion common of 19 analyst estimates compiled by Refinitiv.

The firm, which additionally has clients comparable to Qualcomm Inc , has beforehand stated it anticipated sturdy development to speed up in coming years as a consequence of strong demand for chips that energy all the things from smartphones to vehicles and lifted capital spending for this 12 months.

TSMC’s income for the quarter climbed 36% to $17.57 billion, above the corporate’s prior estimated vary of $16.6 billion to $17.2 billion.

The firm has stated it anticipated chip capability to stay tight this 12 months, a scarcity of which has pressured automakers and electronics producers to chop manufacturing however protecting order books full at TSMC and different chipmakers.

Shares of TSMC have fallen about 6.8% thus far this 12 months, giving the agency a market worth of $511.1 billion. The inventory closed flat on Thursday, in contrast with a 0.3% fall for the benchmark index. – Reuters



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