Taiwan Semiconductor Manufacturing Company announced Friday that its first-quarter earnings reached T$1.134 trillion (equivalent to $35.71 billion), marking a substantial 35% increase from the same period last year and exceeding Wall Street predictions.
The world’s leading contract semiconductor manufacturer saw its January through March earnings climb significantly from T$839.3 billion recorded during the first quarter of 2023. Company officials released only basic financial figures without additional operational details.
The quarterly performance surpassed the LSEG SmartEstimate projection of T$1.125 billion compiled from 20 financial analysts. The earnings aligned with TSMC’s previous forecast range of $34.6 billion to $35.8 billion announced during their January investor call. The company typically provides financial guidance using U.S. dollar figures.
Complete first-quarter financial results and forward-looking projections for the current quarter and full year will be disclosed on April 16 when TSMC releases its comprehensive earnings report.
The semiconductor giant, which counts Nvidia among its major customers, has experienced significant growth from artificial intelligence technology advancement. This AI-driven demand has successfully compensated for declining orders of chips used in consumer devices like tablets, which had surged during the pandemic but have since normalized.
TSMC’s stock performance on the Taipei exchange has climbed 29% year-to-date, outpacing the benchmark index’s 22% gain. Friday’s trading session concluded with shares rising 2.3%.
Taiwan-based Foxconn, recognized as the world’s largest contract electronics manufacturer and Nvidia’s primary server producer, similarly reported strong financial results with first-quarter revenue increasing 30% compared to the previous year.
