TECH - TSMC Topped Estimates On The Back Of Insatiable AI Demand | Benzinga
Last Thursday, the world’s largest producer of advanced processors issued its first quarter results and they were even better than expected as AI demand continues to go strong. Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM), whose customers include the AI chip leader, NVIDIA Corporation (NASDAQ: NVDA) as well as the tech titan Apple Inc (NASDAQ: AAPL), expects 2024 to be another year of healthy growth on the back of its technology leadership and broad customer base that also includes Advanced Micro Devices Inc (NASDAQ: AMD) and Qualcomm Incorporated (NASDAQ: QCOM).
First Quarter Highlights
For the quarter ended on March 31st, TSMC reported net revenue grew 16.5% YoY to NT$592.64 billion. Net income rose 8.9% YoY to NT$225.49 billion.
The net profit margin continues to be one of the highest in the company’s history at 40%, while an industry average is about 14%, reflecting TSMC’s competitiveness.
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