TSMC beats forecasts with strong Q3 revenue growth

(Sharecast News) - Chip giant Taiwan Semiconductor Manufacturing Company (TSMC) beat forecasts with its third-quarter revenues as the ongoing surge in AI spending continued to prop up demand. The Nvidia and Apple supplier reported that monthly revenues for September were up 31.4% year-on-year at NT$331.0bn ($10.9bn), though down 1.4% on August's NT$335.8bn.

However, sales for the three months to September totalled NT$989.9bn ($32.5bn), the mid-point of its $31.8bn-33bn guidance but ahead of the NT$973bn consensus estimate.

Over the first nine months of the year combined, sales were 36.4% ahead of last year at NT$2.763trn ($90.6bn).

The update from TSMC comes just a week ahead of its full earnings report for the third quarter due out on 16 October, where it will update guidance for the full year.

Pre-market futures were down 0.3% at $303.60 by 0539 ET.