Taiwan's TSMC posts 13.8per cent rise in Q3 profit on global chip demand surge
TAIPEI :Taiwan chip giant TSMC posted a 13.8per cent jump in third quarter profit on Thursday on the back of booming demand for semiconductors to power smartphones and other gadgets during the COVID-19 pandemic amid a supply crunch.
July-September net profit for TSMC, the world's largest contract chipmaker and a key supplier to Apple Inc, came in at TUS$156.3 billion (US$5.56 billion), well ahead of the TUS$149 billion average of 22 analyst estimates compiled by Refinitiv.
Advanced chips made by TSMC, formally known as Taiwan Semiconductor Manufacturing Co, are used in everything from high-end smartphones like Apple's newly unveiled 5G iPhone 13, to artificial intelligence, cars and a wide variety of lower-end consumer goods.
TSMC and Taiwan in general have also become central in efforts to resolve a pandemic-induced global chip shortage that has forced a