A photo of a semiconductor wafer at the Taiwan Semiconductor Manufacturing Innovation Museum in Hsinchu, Taiwan, on January 11, 2022.
I Huaqing | Bloomberg | Getty Images
The Taiwanese semiconductor manufacturing company on Thursday reported a 54% increase in its net profit, as global chipmakers continue to benefit from demand boosted by artificial intelligence applications.
The company's net income was NT$352.3 billion ($10.1 billion) during the July-September period, beating LSEG's estimate of NT$300.2 billion cited by Reuters.
TSMC is the world's largest producer of advanced chips, serving customers such as… apple and Nvidia.
Net revenue reached $23.5 billion in the third quarter, up 36% year over year, with TSMC's gross margin rising to 57.8% during the July-September period, compared to 54.3% in the same period last year.
Capital spending rose to $6.4 billion in the third quarter, compared to $6.36 billion during the previous three months.
TSMC's earnings beat comes in the same week as its headquarters in the Netherlands ASMLwhich supplies the Taiwanese company with machinery, issued a lower-than-expected forecast for net sales, sending shares tumbling.
This breaking news story is being updated.
