TSMC’s fourth-quarter profit rose 16.4% to record level, beating market forecasts

TSMC's fourth-quarter profit rose 16.4% to record level, beating market forecasts

Taiwan chip firm TSMC posted on Thursday a 16.4per penny ascend in quarterly benefit to a record, because of vigorous worldwide demand for semiconductors utilized in smartphones, laptops and different gadgets during the COVID-19 pandemic that drove a chip supply lack. Net profit for October-December at Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s biggest agreement chipmaker and a significant Apple Inc provider, rose to T$166.2 billion ($6.01 billion) from T$142.8 billion per year sooner.

A pandemic-induced global chip shortage has forced automakers and electronics manufacturers to cut production but has kept order books full at TSMC and other chipmakers in Taiwan, which have become key in efforts to resolve the supply bottlenecks.

That was higher than the T$161.6 billion average of 22 analyst estimates compiled by Refinitiv.

TSMC’s revenue for the quarter climbed 24.1% to $15.74 billion, slightly higher than the company’s prior estimated range of $15.4 billion to $15.7 billion, and compared with $12.68 billion in the same period a year earlier.

The Taiwan company, Asia’s most valuable listed firm and whose clients also include Qualcomm Inc, has said tight chip supplies will likely continue this year amid booming demand during the pandemic.

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