TSMC beats own estimates with Q3 sales

Third-quarter results from TSMC comfortably beat market forecasts on Wednesday as the contract chipmaking giant grew September revenues by nearly 40% year-on-year, helped by the relentless demand for its chips in AI use cases.

The company, officially known as Taiwan Semiconductor Manufacturing Co, reported net revenues of T$251.9bn ($23.6bn) for September, up from T$180.4bn the year before.

That brought the quarterly total to T$759.7bn, compared with the T$748bn consensus forecasts. TSMC itself predicted third-quarter revenues would rise by up to 34%.

TSMC, which is a major supplier to both Apple and Nvidia, reported revenues over the year to date totalled T$2.03trn, up 31.9% compared with the first three quarters of 2023.