TSMC Q3 profit rises 54%, better than forecasts

FILE PHOTO: People visit TSMC Museum of Innovation in Hsinchu, Taiwan May 29, 2024. REUTERS/Ann Wang/File Photo

TAIPEI (Reuters) - Taiwanese chipmaker TSMC posted a 54% rise in third-quarter net profit on Thursday that beat market expectations as it continues to reap the rewards of surging demand for semiconductors used in artificial intelligence applications.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker and a major Apple and Nvidia supplier, saw July-September net profit rise to T$325.3 billion ($10.11 billion) from T$211 billion a year earlier.

The profit beat a T$300.2 billion LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.

($1 = 32.1700 Taiwan dollars)

(Reporting by Yimou Lee, Faith Hung and Ben Blanchard)