Taiwanese semiconductor monopoly TSMC announced on Thursday ( Apr 18 ) a nearly 9 % increase in net profits for the first quarter of 2024, helped by the demand for its microchips, which power everything from mobile devices to AI technology.
More than half of the country’s silicon chips, known as the “lifeblood” of the modern world, are produced by Taiwan Semiconductor Manufacturing Company, which serves clients like Apple and Nvidia.
The business announced on Thursday that its gross income increased by 8 %. 9 per cent on-year in January-March to NT$ 225. 4 billion ( US$ 6. 97 billion ) compared to NT$ 206. 9 billion during the same time next month.
First-quarter profits even rose 13 per share year-on-year to US$ 18. 87 billion, it said.
Additionally, CFO Wendell Huang added that TSMC anticipates a 27 percent increase in its second-quarter income during an earnings call on Thursday. 6 per share.
TSMC, which produces some of the most sophisticated electronics in the world, dominates the chip-making business, as well as its buyer US-based Nvidia.
Taiwan, a self-ruled island that China has seized in recent years, has a large presence there, making up the majority of its manufacturing facilities, where it manufactures its most advanced materials.
Customers and governments concerned about crucial supplies have urged the company to move more device manufacturing lines off the beach, which is also prone to natural disasters like earthquakes, because a supply chain is therefore susceptible to shocks.
Earlier this month, a large magnitude-7. A number of chips in the process were impacted and had to be discarded, according to Huang, who was in charge of the 4 collapse that hit Taiwan.
However, he said,” We anticipate that the majority of the lost production will be recovered in the second quarter and that there will be little effects to the second quarter profit.”