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- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
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- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
- France's debt weighs heavier ahead of budget debate
- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
- 'Broken' news industry faces uncertain future
- On remote Greek island, migratory birds offer climate clues
- Taken from mother by nuns, victim seeks answers as pope visits Belgium
- China cuts amount banks hold in reserve to boost lending
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Taiwan's TSMC reports record first-quarter revenue
Taiwanese tech giant TSMC posted record revenue for the first three months of the year Thursday as demand soared for chips used in everything from smartphones and cars to missiles.
Taiwan Semiconductor Manufacturing Company (TSMC) operates the world's largest silicon wafer factories and produces some of the most advanced microchips.
Its first-quarter revenue rose 36 percent on-year and 12 percent on-quarter, respectively, to a record Tw$491.1 billion (US$17.6 billion), according to a company statement.
It also posted a 45 percent year-on-year profit of Tw$202.7 billion in the January-March period.
That was up 22 percent from the 2021 fourth quarter.
CEO C.C. Wei said first-quarter revenue was "above the high-end of our guidance mainly due to better demand from smartphone and automotive-related applications than our forecast three months ago".
TSMC had forecast Q1 sales of between Tw$458.16 billion and Tw$474.72 billion at an investor conference in January.
Smartphone and high-performance computing (HPC) accounted for 40 percent and 41 percent of net revenue respectively, while automotive represented five percent in the first three months, company figures showed.
Revenue from HPC and automotive both rose 26 percent in this period from the fourth quarter in 2021.
A global chip shortage fulled by the coronavirus pandemic has not eased and wait time for semiconductor delivery reportedly grew again in March partly due to China's strict Covid lockdowns.
"Moving into second quarter 2022, we expect our business to be supported by HPC and automotive-related demand, partially offset by smartphone seasonality," Wei said.
TSMC forecast its revenue in the April-June period to be between US$17.6 billion and US$18.2 billion, said chief financial officer Wendell Huang.
"Despite the manufacturing cost challenges... we continue to believe a long-term growth margin of 53 percent and higher is achievable," he added.
Y.Ibrahim--CPN