TSMC Q1 profit surges 60%, beats forecasts

TAIPEI (Reuters) - TSMC, the world's largest contract chipmaker, posted a 60% jump in first-quarter net profit on Thursday, beating market forecasts as it benefited from surging demand for semiconductors used in artificial intelligence applications.

Taiwan Semiconductor Manufacturing Co, whose customers include Apple and Nvidia, saw January-March net profit rise to T$361.6 billion ($11.12 billion) from T$225.5 billion a year earlier.

The profit beat a T$354.6 billion LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.

($1 = 32.5060 Taiwan dollars)

(Reporting by Wen-Yee Lee and Faith Hung; Writing by Ben Blanchard; Editing by Edwina Gibbs)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Oil rally, chip selloff, earnings loom - What’s moving markets
• China purges third Politburo member in deepening anti-graft drive
• Trump says he wants US reimbursed by countries for protecting Strait of Hormuz