Apple Inc. AAPL-supplier Taiwan Semiconductor Mfg. Co. Ltd. TSM shares jumped over 5% in the Taiwan trading session after the company posted an 80% surge in its third-quarter net profit at NT$280.87 billion ($8.81 billion). This is the company’s strongest growth in two years.
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Other chip-related stocks like ASE Technology Holding Co Ltd ASX and MediaTek Inc. MDTKF, too, rose over 4% in Taiwan morning trade.
Based on TSMC’s current business outlook, the management expects fourth-quarter revenue to be between $19.9 billion and $20.7 billion. Wendell Huang, VP and Chief Financial Officer of TSMC, had said on Thursday, “Moving into fourth quarter 2022, we expect our business to be flattish, as the end market demand weakens, and customers’ ongoing inventory adjustment is balanced by continued ramp-up for our industry-leading 5nm technologies,” Huang said.
While companies like Advanced Micro Devices, Inc. AMD and Micron Technology, Inc. MU have warned of weakening demand, analysts believe TSMC’s strong order book could be attributed to its dominance in making some of the world’s most advanced chips.
Image and article originally from www.benzinga.com. Read the original article here.