GoKawiilTaiwan Semiconductor Manufacturing Company's logo is seen in the background beside a printed circuit board.
Taiwan Semiconductor Manufacturing Company on Thursday reported a 58% increase in first-quarter profit, beating estimates and hitting a fresh record as demand for artificial intelligence chips stayed strong.
Here are the company's results versus LSEG SmartEstimates, which are weighted toward forecasts from analysts who are more consistently accurate:
Revenue: 1.134 trillion new Taiwan dollars ($35 billion), vs. NT$1.127 trillion expected
Net income: NT$572.48 billion, vs. NT$543.32 billion
TSMC's net income of NT$572.48 billion for the three months ended in March represented a fourth consecutive quarter of record profits.
Revenue rose to NT$1.134 trillion, beating estimates. The chipmaker had first reported the 35% year-on-year rise in first-quarter revenue last week.
TSMC, Asia's largest technology company by market capitalization, manufactures chips used in products ranging from consumer electronics to data centers.
The contract chip maker has maintained strong demand for advanced semiconductors from its key customers, such as Apple. It has also benefited greatly from the proliferation of AI, producing advanced processors designed by the likes of Nvidia — now the company's largest customer.
"AI-related demand continues to be extremely robust," President and CEO of TSMC C.C. Wei said in an earnings call Thursday. He added that advances in AI are driving increased computation and, thus, demand.
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