TAIPEI (Reuters) - Taiwan chip giant TSMC posted a 13.8% rise in quarterly net profit on Thursday, boosted by a surge in global demand for semiconductors for smartphones and laptops during the COVID-19 pandemic amid a supply shortage.
Net profit for July-September at Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker and a major Apple Inc supplier, rose to T$156.3 billion ($5.56 billion) from T$137.3 billion a year earlier.
Advanced chips made by TSMC, formally known as Taiwan Semiconductor Manufacturing Co , are used in everything from high-end smartphones like Apple's newly unveiled 5G iPhone 13, to artificial intelligence, cars and a wide variety of lower-end consumer goods.
TSMC and Taiwan in general have also become central in efforts to resolve a pandemic-induced global chip shortage that has forced automakers to cut production, and hurt manufacturers of smartphones, laptops and even consumer appliances.
TSMC's revenue for the quarter climbed 22.6% to $14.88 billion, in line with the company's prior estimated range of $14.6 billion to $14.9 billion.
Shares of TSMC have risen about 8.5% so far this year, giving it a market value of $526.3 billion, more than double that of competitor and client Intel Corp(INTC.O).
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