By Sherry Qin
Taiwan Semiconductor Manufacturing Co.'s first-quarter profit rose, ending three straight quarters of declines, thanks to a surge in demand for advanced chips amid the global artificial intelligence boom.
The world's largest contract chipmaker said Thursday that net profit rose 8.9% compared with the same period a year earlier, to 225.49 billion new Taiwan dollars (US$6.96 billion) for the three months ended Mar. 31. That exceeded the estimate of NT215.40 billion from a FactSet poll of analysts.
First-quarter revenue rose 16.5% on year to NT$592.64 billion after its March revenue gained 34% on year.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
04-18-24 0157ET