Business Recorder
TAIPEI: The world’s largest contract chipmaker, TSMC , reported first-quarter revenue of T$1.134 trillion ($35.71 billion) on Friday, rising 35% on the year to beat market forecasts on surging interest in artificial intelligence (AI) applications. January-March revenue of T$1.134 billion compared with T$839.3 billion in the year ago period. The brief statement gave no other details. The results topped an LSEG SmartEstimate of T$1.125 billion from 20 analysts, and was in line with TSMC’s January guidance of $34.6 billion to $35.8 billion on its last earnings call. TSMC only gives guidance in US dollars. TSMC will report full first-quarter earnings on April 16, including an updated outlook for the current quarter and the full year. The company, whose customers include Nvidia, has been a major beneficiary of advances in AI, which has more than offset a tapering-off in pandemic-led demand for chips used in consumer electronics like tablets. TSMC’s Taipei-listed shares have gained 29% this year, versus a rise of 22% in the benchmark index. Its shares closed up 2.3% on Friday. Taiwan’s Foxconn, the world’s largest contract electronics maker and Nvidia’s biggest server maker, has also reported bumper sales, with an-year rise of 30% in first-quarter revenue.
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