TSMC expected to report 40% jump in Q3 profit: Reuters
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The news: Taiwan Semiconductor Manufacturing Co (TSMC) is expected to report a 40% leap in third-quarter profit on Thursday, thanks to a surge in demand for its chips used in artificial intelligence applications, Reuters reported.
The numbers: The world's largest contract chipmaker is set to report a net profit of TW$298.2 billion ($13.77 billion) for the three months to 30 September, according to LSEG data from 22 analysts.
The estimate is up from TSMC's 2023 third-quarter net profit of TW$211 billion.
The context: Last week, TSMC reported third-quarter revenue that comfortably beat market expectations, as its major clients such as Apple, Nvidia and AMD race to develop new products reliant on the chipmaker's advanced process technologies.
TSMC, which raised its full-year revenue forecast in July, has seen its share price surge 77% so far this year.
The source: Reuters
