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An image of a semiconductor wafer at the Taiwan Semiconductor Manufacturing Museum of Innovation in Hsinchu, Taiwan, on Jan. 11, 2022.
I-Hwa Cheng | Bloomberg | Getty Images
Taiwan Semiconductor Manufacturing Company on Thursday reported a 54% hike in net profit, as global chipmakers continue to benefit from demand boosted by AI applications.
The company's net income was 352.3 billion Taiwanese dollars ($10.1 billion) over the July-September quarter, surpassing an LSEG estimate of $300.2 billion Taiwanese dollars cited by Reuters.
TSMC is the world's largest producer of advanced chips, serving clients such as Apple and Nvidia.
Net revenue came in at $23.5 billion in the third quarter, up 36% year-on-year, with TSMC's gross margin rising to 57.8% over July-September, compared with 54.3% in the same period of last year.
Capital expenditure edged higher to $6.4 billion in the third quarter, versus $6.36 billion across the three preceding months.
TSMC's earnings beat comes the same week as Netherlands-based ASML, which supplies machines to the Taiwanese company, issued a lower-than-expected forecast of net sales, sending shares tumbling.
This breaking news story is being updated.
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