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Taiwan’s TSMC posts 13.8% rise in Q3 profit on global chip demand surge

  • Q3 profit T$156.3 bln vs T$149 bln market forecast
  • Q3 income up 22.6% on 12 months in U.S. greenback phrases

TAIPEI, Oct 14 (Reuters) – Taiwan chip big TSMC (2330.TW) posted a 13.8% soar in third quarter profit on Thursday on the again of booming demand for semiconductors to energy smartphones and different devices throughout the COVID-19 pandemic amid a provide crunch.

July-September web profit for TSMC, the world’s largest contract chipmaker and a key provider to Apple Inc (AAPL.O), got here in at T$156.3 billion ($5.56 billion), effectively forward of the T$149 billion common of twenty-two analyst estimates compiled by Refinitiv.

Advanced chips made by TSMC, formally referred to as Taiwan Semiconductor Manufacturing Co , are used in every thing from high-end smartphones like Apple’s newly unveiled 5G iPhone 13, to synthetic intelligence, vehicles and all kinds of lower-end client items.

TSMC and Taiwan in normal have additionally turn into central in efforts to resolve a pandemic-induced global chip scarcity that has pressured automakers to chop manufacturing, and harm producers of smartphones, laptops and even client home equipment.

TSMC’s income for the quarter climbed 22.6% to $14.88 billion, in line with the corporate’s prior estimated vary of $14.6 billion to $14.9 billion.

Shares of TSMC have risen about 8.5% to date this 12 months, giving it a market worth of $526.3 billion, greater than double that of competitor and shopper Intel Corp (INTC.O).

($1 = 28.0950 Taiwan {dollars})

Reporting by Yimou Lee and Ben Blanchard; Editing by Christopher Cushing and Ana Nicolaci da Costa

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