TAIPEI (Reuters) -Taiwanese chipmaker TSMC posted a 9% rise in first-quarter internet revenue on Thursday that beat market expectations because it rides a wave of demand for semiconductors utilized in synthetic intelligence purposes.
Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chipmaker and a serious Apple Inc (NASDAQ:) and Nvidia (NASDAQ:) provider, has benefited from a surge in the direction of AI that has helped it climate the really fizzling out of pandemic-led electronics demand and pushed TSMC’s inventory to a report excessive.
TSMC noticed January-March internet revenue rise to T$225.5 billion ($6.98 billion) from T$206.9 billion a yr earlier.
The revenue beat a T$218.1 billion LSEG SmartEstimate, which is weighted towards forecasts from analysts who’re extra persistently correct.
TSMC, Asia’s most useful listed firm, stated first-quarter income rose 13% year-on-year to $18.87 billion, higher than the corporate’s earlier forecast of $18 billion to $18.8 billion. The corporate final week introduced first quarter income in Taiwan {dollars}, coming in at T$592.64 billion.
Capital expenditure within the first quarter was $5.77 billion, TSMC stated, in contrast with $5.24 billion within the fourth quarter of 2023.
TSMC’s Taipei-listed shares have surged 36% to date this yr. The inventory was flat on Thursday forward of the outcomes versus a 0.4% achieve for the benchmark index.
The corporate will present updates on its outlook for the present quarter and the remainder of the yr on an earnings name beginning at 0600 GMT, together with capital expenditure which it has beforehand guided as being within the vary of $28 billion to $32 billion this yr, in contrast with final yr’s $30.45 billion.
On Wednesday, ASML (AS:), the most important provider of kit to laptop chip makers like TSMC, reported weaker than anticipated first-quarter new bookings, although gross sales to China held up regardless of U.S.-led restrictions.
($1 = 32.3190 Taiwan {dollars})