TSMC reported impressive results for the third quarter! Their revenue hit NT$759.7 billion, which is the highest ever and shows a 39% increase compared to last year. Their net profit jumped to NT$325.3 billion, raising earnings per share to NT$12.54, a 54.2% increase. The gross margin was an excellent 57.8%, higher than the expected range of 53.5%-55.5%, and the operating margin reached 47.5%, exceeding the guidance of 42.5%-44.5%.
TSMC’s improved outlook is likely to ease concerns that investors miscalculated the demand for AI. This year, TSMC’s shares have risen over 70%, outperforming many of Asia’s largest tech companies, thanks to strong sales of Nvidia chips that are crucial for AI development.
Just a few months ago, in July, Taiwan’s largest company raised its revenue forecast for 2024, reflecting expectations for increased spending on AI infrastructure from major companies like Microsoft and Amazon. The steady growth of artificial intelligence is also expected to boost sales of iPhones and other devices in the future.
Developing story, stay tuned for the updates.
Stay informed with our financial updates, stocks, bonds, commodities. Get global & political insights. Follow us & enable notifications for the latest updates.
