TAIPEI (Reuters) – Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) posted on a quarterly high profit Thursday, spurred by the demand for high-end chip-requiring devices as the pandemic plagues people to work from home and for Apple’s new iPhone.
October-December net profit for TSMC, the world’s largest contract maker, reached T $ 142.8 billion ($ 5.10 billion), 23% higher than a year ago.
That was better than the T $ 135.39 billion average of 22 analyst estimates compiled by Refinitiv.
Revenues for supplier Apple Inc rose 22% to $ 12.68 billion, compared to the previously estimated range of $ 12.4 billion to $ 12.7 billion.
Analysts said sales of advanced chips have boosted with strong demand for high-end smartphones including the iPhone 12 as well as for devices with new technology such as fifth-generation (5G) networking and artificial intelligence.
The Taiwanese manufacturer, whose clients also include Qualcomm Inc, has benefited from the COVID-19 pandemic as corporations seek to roll out more bandwidth for customers. remote workers and people who work from home investing in high-quality equipment.
TSMC’s share price jumped more than 11% in 2021, giving the stock a market value of $ 560.7 billion.
($ 1 = 28.0050 Taiwan dollars)
Reporting with Yimou Lee and Ben Blanchard; Edited by Christopher Cushing and Himani Sarkar