Taiwanese TSMC, one of the largest manufacturers in the semiconductor industry, reports a result for the third quarter that exceeds expectations.
The net profit was 325.3 billion Taiwanese dollars, equivalent to approximately 160 billion kronor. This can be compared to an average forecast of 299.3 billion Taiwanese dollars, according to Bloomberg.
Sales amounted to 759.7 billion Taiwanese dollars, compared to expected 751 billion. An increase of 39 percent compared to the same period last year.
The company, which is riding the AI boom, is also raising its sales forecast for the full year 2024. TSMC expects sales to increase by 30 percent, compared to the previous forecast of 20 percent.
The company's share has soared by over 70 percent in the past year. Much of the sales success is due to strong sales at the company's major customer Nvidia, which develops chips needed for AI development.
