Taiwan Semiconductor Manufacturing Co (TSMC) said on Thursday that quarterly net profit surged 81 percent to a record level on robust orders for advanced chips.
The world’s largest contract chipmaker reported April-June net profit of TWD 120.8 billion (roughly Rs. 30,833 crores), well ahead of the TWD 111.83 billion (roughly Rs. 28,543 crores) average of 19 analyst estimates compiled by Refinitiv.
Revenue for the quarter climbed 34.1 percent to $10.38 billion (roughly Rs. 78,049 crores), within the company’s earlier estimated range of $10.1 billion (roughly Rs. 75,944 crores) to $10.4 billion (roughly Rs. 78,210 crores).
Although TSMC is losing Huawei Technologies as a customer after the US slapped the Chinese company with sales restrictions, it has managed to fill up its order book with requests from other companies, a government minister said last month.
TSMC shares have risen about 10 percent this year, giving it a market value of $320 billion (roughly Rs. 24.06 lakh crores), overtaking US rival Intel Corp’s $249 billion (roughly Rs. 18.72 lakh crores). TSMC’s shares closed down 1.5 percent on Thursday, underperforming a 0.4 percent decline on the broader market.
© Thomson Reuters 2020