An image of a semiconductor wafer at the Taiwan Semiconductor Manufacturing Innovation Museum in Hsinchu, Taiwan, on January 11, 2022.
Chen Yihua | Bloomberg | Getty Images
Taiwan Semiconductor Manufacturing Company on Thursday reported a 54% increase in net profit as the global chipmaker continues to benefit from growing demand from AI applications.
The company’s net profit for the July-September period was NT$352.3 billion ($10.1 billion), beating the LSEG estimate of NT$300.2 billion cited by Reuters.
TSMC is the world’s largest manufacturer of advanced chips, serving customers such as Apple and Nvidia.
Net revenue for the third quarter rose 36% year over year to $23.5 billion, and TSMC’s gross profit margin rose to 57.8% from July to September (54.3% in the same period last year).
Capital expenditures increased slightly in the third quarter to $6.4 billion compared to $6.36 billion in the prior three months.
TSMC’s profit was released in the same week that Netherlands-based ASML, which supplies machinery to the Taiwanese company, released a lower-than-expected net sales forecast, sending its stock price plummeting.
This breaking news article is being updated.
