By Kosaku Narioka
Taiwan Semiconductor Manufacturing Co. said Thursday that its first-quarter net profit rose to a new record high thanks to higher revenue and an improvement in margins.
The world's largest contract chip maker said its net profit for the quarter ended March 31 rose 45% compared with the same period a year earlier to 202.73 billion Taiwan dollars (US$6.99 billion). That beat the estimate for NT$183.53 billion from a poll of analysts by S&P Global Market Intelligence.
First-quarter revenue increased 36% from a year earlier to a record-high NT$491.08 billion.
The company's operating profit margin improved by 4.1 percentage points from a year earlier to 45.6%.
The company's revenue from smartphones rose 1% from the previous quarter, while revenue from high-performance computing increased 26%.
TSMC said revenue from customers in North America made up 64% of first-quarter revenue, down from 66% in the final quarter of 2021, while revenue from China accounted for 11% of the total, down from 12% in the previous quarter.
Write to Kosaku Narioka at firstname.lastname@example.org
(END) Dow Jones Newswires
April 14, 2022 02:07 ET (06:07 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.