Taiwan Semiconductor Manufacturing Company reported record third-quarter revenue of T$1.49 trillion ($46.71 billion), topping market expectations as demand for artificial intelligence chips continued to drive growth, according to Reuters.
The result also surpassed an LSEG SmartEstimate of T$1.46 trillion, which was based on forecasts from 19 analysts.
TSMC previously projected third-quarter revenue of between $44.6 billion and $45.8 billion in July.
September was another particularly strong month for the semiconductor manufacturer.
Revenue during the month increased 54.6% year-over-year to T$511.86 billion.
TSMC is the world’s largest contract chip manufacturer and is a major supplier to leading technology companies including Nvidia and Apple.
Its growth has been supported by surging demand for advanced semiconductors used in artificial intelligence infrastructure and applications.
TSMC had a market capitalization of approximately $2.1 trillion at the time of the revenue announcement, making it Asia’s most valuable publicly traded company.
The company did not provide additional operating details or forward guidance with its brief monthly revenue disclosure.
TSMC is scheduled to release its full third-quarter financial results the following week.
Analysts surveyed through LSEG SmartEstimate expect the company to report about T$740.8 billion in third-quarter net profit, up about 64% year-over-year.
TSMC shares listed in Taipei rose about 64.5% year-to-date despite closing modestly lower ahead of the revenue announcement.
The company’s upcoming earnings report is expected to provide more detail on AI-related demand, its fourth-quarter outlook, and expectations for the rest of the year.
