TAIPEI — Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest contract chipmaker, reported on Wednesday third-quarter (Q3) revenue that easily beat both the market and company’s own forecasts as it reaped the benefit from artificial intelligence (AI) demand.
TSMC, whose customers include Apple and Nvidia, has been at the forefront of the march toward AI that has helped it weather the tapering off of pandemic-led demand.
Revenue in the July-September period of this year came in at 759.69 billion New Taiwan dollars ($23.62 billion), according to Reuters calculations, compared with an LSEG SmartEstimate of 750.36 billion New Taiwan dollars ($23.33 billion) drawn from 23 analysts.
That represents growth of 36.5 percent on-year, compared with $17.3 billion in the year-ago period. It is not a direct comparison as TSMC provides monthly revenue data only in Taiwan dollars but gives quarterly revenue figures and its outlook on its quarterly earnings calls both in US dollars.
On its most recent earnings call in July, TSMC forecast third-quarter revenue in a range of between $22.4 billion and $23.2 billion.
For September alone, TSMC reported revenue jumped 39.6 percent year on year to 251.87 billion New Taiwan dollars.
The company did not provide details in its brief revenue statement.
TSMC will report full third-quarter earnings on October 17, when it will also update its outlook. The company’s Taipei listed stock has risen 72 percent so far this year, compared with a 26-percent gain for the broader market.
It closed up 1 percent on Wednesday ahead of the release of the revenue numbers.
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