TSMC Q3 profit surges 36%, well ahead of market forecasts

TAIPEI: Taiwan Semiconductor Manufacturing Co Ltd (TSMC) reported a 36% jump in quarterly net profit, boosted by robust demand for products requiring high-end chips and as Apple Inc readies a new iPhone.

July-September net profit for the world’s largest contract chipmaker came in at T$137.3 billion ($4.8 billion), well ahead of the T$124.9 billion average of 19 analyst estimates compiled by Refinitiv.

TSMC’s advanced chips are used in high-end smartphones such as Apple’s newly unveiled 5G iPhone 12 as well as in telecommunications technology and artificial intelligence.