TSMC’s Q3 revenue easily beats market forecast amid rising AI demand | World News
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The company’s Taipei listed stock has risen 72 per cent so far this year. (Photo: Reuters)
TSMC, the world’s largest contract chipmaker, reported on Wednesday third-quarter revenue that easily beat both the market and company’s own forecasts as it reaped the benefit from artificial intelligence (AI) demand.
Taiwan Semiconductor Manufacturing Co, whose customers include Apple and Nvidia, has been at the forefront of the march towards AI that has helped it weather the tapering off of pandemic-led demand.
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Revenue in the July-September period of this year came in at T$759.69 billion ($23.62 billion), according to Reuters calculations, compared with an LSEG SmartEstimate of T$750.36 billion ($23.33 billion) drawn from 23 analysts.
That represents growth of 36.5 per cent on-year, compared with $17.3 billion in the year-ago period.
It is not a direct comparison as TSMC provides monthly revenue data only in Taiwan dollars, but gives quarterly revenue figures and its outlook on its quarterly earnings calls both in US dollars.
On its most recent earnings call in July, TSMC forecast third quarter revenue in a range of between $22.4 billion to $23.2 billion.
For September alone, TSMC reported revenue jumped 39.6 per cent year-on-year to T$251.87 billion.
The company did not provide details in its brief revenue statement.
TSMC will report full third quarter earnings on Oct.
17, when it will also update its outlook.
The company’s Taipei listed stock has risen 72 per cent so far this year, compared with a 26 per cent gain for the broader market.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 09 2024 | 11:42 AM IST
