Taiwan Semiconductor Manufacturing Company (TSM) (TSMC), the world’s largest chipmaker, saw its profits soar 54% in the third quarter, driven by continued demand for its artificial intelligence-capable chips.
The Taiwan-based company reported Thursday $23.5 billion in revenue for the quarter, up 36% from a year ago and topping Wall Street’s expectations. Net income came in at $10.1 billion, also blowing past estimates compiled by FactSet (FDS).
“Our business in the third quarter was supported by strong smartphone and AI-related demand for our industry-leading 3nm and 5nm technologies,” said Wendell Huang, chief financial officer of TSMC. “Moving into fourth quarter 2024, we expect our business to continue to be supported by strong demand for our leading-edge process technologies.”
TSMC’s U.S.-listed shares jumped 9% in Thursday morning trading following the earnings…
