Chipmaker TSMC's First Quarter Profit Increases 9%, Beats Forecasts By CIOTechOutlook Team

Chipmaker TSMC's First Quarter Profit Increases 9%, Beats Forecasts

CIOTechOutlook Team | Thursday, 18 April 2024, 08:58 IST

TSMC, a leading semiconductor firm, posted a 9% increase in first-quarter net benefit that exceeded market assumptions. The firm is riding a rush of interest in semiconductors utilized in artificial intelligence applications.

Taiwan Semiconductor Assembling Co Ltd is the world's biggest contract chipmaker and a significant Apple Inc. and Nvidia provider, it has profited from an increase in AI technology that has assisted it with enduring the tightening of pandemic-drove hardware demand and pushed TSMC's stock to high.

The firm witnessed a January-March net profit increase to T$225.5 billion ($6.98 billion) from T$206.9 billion a year sooner. The benefit beat a T$218.1 billion LSEG SmartEstimate, which is weighted toward figures from examiners who are all the more reliably exact. TSMC, Asia's most important recorded organization, said first-quarter income rose 13% year-on-year to $18.87 billion, better than the organization's past figure of $18 billion to $18.8 billion. The organization last week declared first quarter income in Taiwan dollars, coming in at T$592.64 billion.

Capital consumption in the initial quarter was $5.77 billion, TSMC expressed, contrasted and $5.24 billion in the final quarter of 2023. The organization will give refreshes on its standpoint to the ongoing quarter and the remainder of the year on a profit call beginning at 0600 GMT, including capital consumption, which it has recently directed as being in the scope of $28 billion to $32 billion this year, contrasted and last year's $30.45 billion.