TSMC's Q1 profit up 45%, beats market estimates

FILE PHOTO: The logo of Taiwan Semiconductor Manufacturing Co (TSMC) is pictured at its headquarters, in Hsinchu, Taiwan, January 19, 2021. REUTERS/Ann Wang

TAIPEI: Taiwanese chip firm TSMC posted a 45% jump in quarterly net profit on Thursday, boosted by booming semiconductor demand during the COVID-19 pandemic that has led to a global chip crunch.

Net profit for January-March at Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker and a major Apple Inc supplier, rose to T$202.7 billion ($7 billion) from T$139.7 billion a year earlier.