TSMC net profit for Q2 jumps on growth in AI

　　Chip giant TSMC said Thursday net profit jumped by more than a third in the second quarter of 2024. File photo: AFP

　　TSMC on Thursday said it expects third-quarter revenue to surge by as much as 34 percent from a year earlier after the world's largest contract chipmaker posted a quarterly net profit that beat market expectations.

　　Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker and a major supplier for US tech giants Apple and Nvidia, has benefited from a surge towards the adoption of AI.

　　TSMC's April-June net profit climbed to T$247.8 billion (US$7.60 billion) from T$181.8 billion a year earlier.

　　The profit beat a T$238.8 billion forecast for the quarter which ended June 30.

　　TSMC, Asia's most valuable publicly listed company, said second-quarter revenue rose 33 percent year-on-year to US$20.8 billion, better than the company's previous forecast of between US$19.6 billion and US$20.4 billion.

　　Revenue for the current quarter is expected to be at least US$22.4 billion compared with US$17.3 billion in the same period last year. (Reuters)