TSMC Q1 net profit T225.5 bln vs T218.1 bln analysts forecast
Stock price has surged on chip demand for AI applications
TAIPEI, April 18 Reuters Taiwanese chipmaker TSMC posted a 9 rise in firstquarter net profit on Thursday that beat market expectations as it rides a wave of demand for semiconductors used in artificial intelligence applications.
Taiwan Semiconductor Manufacturing Co Ltd TSMC , the world39;s largest contract chipmaker and a major Apple Inc and Nvidia supplier, has benefited from a surge towards AI that has helped it weather the tapering off of pandemicled electronics demand and pushed TSMC39;s stock to a record high.
TSMC saw JanuaryMarch net profit rise to T225.5 billion 6.98 billion from T206.9 billion a year earlier.
The profit beat a T218.1 billion LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.
TSMC, Asia39;s most valuable listed company, said firstquarter revenue rose 13 yearonyear to 18.87 billion, better than the company39;s previous forecast of 18 billion to 18.8 billion. The company last week announced first quarter revenue in Taiwan dollars, coming in at T592.64 billion.
Capital expenditure in the first quarter was 5.77 billion, TSMC said, compared with 5.24 billion in the fourth quarter of 2023.
TSMC39;s Taipeilisted shares have surged 36 so far this year. The stock was flat on Thursday ahead of the results versus a 0.4 gain for the benchmark index.
The company will provide…