UPDATE 1-TSMC Q1 net profit almost doubles on strong demand for faster chips [Reuters]
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Source: Reuters
TSMC first-quarter net profit almost doubles on strong demand for faster chips TAIPEI (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd’s (TSMC) ( 2330.TW ) ( TSM.N ) first-quarter net profit almost doubled, beating analyst estimates, as strong demand for faster chips helped offset disruptions caused by the coronavirus pandemic. The world’s largest contract chipmaker, whose clients include tech companies such as iPhone maker Apple Inc ( AAPL.O ), said profit in the January-to-March period was T$116.987 billion ($3.89 billion), up 90.6% from a year earlier. That was higher than the T$105.83 billion average of 19 analyst estimates compiled by Refinitiv. Buoyed by demand for advanced chips from clients investing in 5G technology and artificial intelligence, TSMC’s revenue rose 45.2% to $10.31 billion, versus its forecast range of $10.2 billion to $10.3 billion. The earnings growth may, however, only be a short reprieve as pandemic-induced job losses and other economic pain hurt
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