(TSMC) Revenues of Taiwan Semiconductor Manufacturing Co. increased by 36% to hit a record NT$491.1 billion or $17 billion, boosted by the growing demand for chips.
The revenue exceeded estimates of NT469.4 billion by analysts as growing demand for chips alongside a prolonged shortage boosted prices of the components.
TSMC, which is set to release the full earnings later in the month, has kept its production in China running, despite other factories closing operations.
The chip maker is set to benefit further from chip components as demand is yet to ease, boosted by the pandemic-era lockdowns and growth in work-from-home trends.
TSMC stock has lost around 8% in 2022, as global tech stocks fell, while China’s lockdown has dampened consumer demand amid strained supply chains.
2330: TPE is up +0.18%.
