Shares of Taiwan’s TSMC jump more than 6% as Q1 profit tops expectations

Shares of Taiwan’s TSMC jump more than 6% as Q1 profit tops expectations

Shares of Taiwan Semiconductor Manufacturing Co Ltd (TSMC) rose as much as 6% on Friday after the world’s largest contract chip manufacturer reported an almost doubling of net profit in the first quarter. TSMC, whose customers are tech giants such as iPhone maker Apple Inc, saw its January-March earnings increase 90.6% from a year earlier, surpassing market forecasts. It also marked the company’s strongest quarterly earnings growth in nearly 10 years.

TSMC said on Thursday that the coronavirus was expected to hit demand for electronics, including smartphones, but it would be offset by strong demand for faster chips. (Reporting by Yimou Lee Editing by Shri Navaratnam)

(This story has not been edited by staff and is automatically generated from a syndicated feed.)

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