TAIPEI (Reuters) – TSMC, the world’s largest contract chip maker, on Wednesday reported third-quarter revenue that easily beat market and the company’s own expectations as it reaped the benefit of demand for artificial intelligence.
The Taiwan Semiconductor Manufacturing Company, whose clients include Apple (NASDAQ:) and Nvidia (NASDAQ:), has been at the forefront of a drive toward artificial intelligence that has helped it weather a slump in demand caused by the pandemic.
Revenue in July-September this year was NT$759.69 billion (US$23.62 billion), according to Reuters calculations, compared to an LSEG SmartEstimate estimate of NT$750.36 billion (US$23.33 billion) drawn from 23 analysts.
This represents a growth of 36.5% year-on-year, compared to $17.3 billion in the same period last year.
It’s not a direct comparison as TSMC only provides monthly revenue data in Taiwan dollars, but it provides its quarterly revenue numbers and its quarterly earnings forecast in US dollars.
In its most recent earnings call in July, TSMC expected third-quarter revenue to range between $22.4 billion to $23.2 billion.
For September alone, TSMC’s reported revenue jumped 39.6% year-on-year to NT$251.87 billion.
The company did not provide details in its summary revenue statement.
TSMC will report full third-quarter earnings on October 17, when it will also update its forecasts.
The Taipei-listed company’s shares have risen 72% so far this year, compared with a 26% gain for the broader market.
It closed up 1% on Wednesday ahead of the revenue numbers.
($1 = 32.1620 New Taiwan dollars)
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