TSMC has record revenue in Q2 driven by demand for AI

TAIPEI, July 13 (Reuters) – TSMC, the world’s largest maker of custom chips, on Monday reported record revenue for the second quarter, driven by growing interest in artificial intelligence applications.

Revenue in the period from April to June reached 1.27 trillion Taiwan dollars (US$39.62 billion), according to Reuters calculations, an increase of 36% compared to the same period of the previous year. The value is slightly higher than the LSEG SmartEstimate estimate of 1.264 trillion Taiwan dollars, drawn up based on 20 analysts.

Taiwan Semiconductor Manufacturing Co (TSMC) is a major supplier to companies such as Nvidia and Apple.

In its last earnings call in April, the company forecast second-quarter revenue of between $39 billion and $40.2 billion. The company only releases its forecast in US dollars, not Taiwan dollars.

In June alone, TSMC reported a 67.9% increase in revenue year-on-year, reaching 442.68 billion Taiwan dollars, which represents an increase of 6.2% compared to the previous month. The data was originally scheduled for last Friday, but was postponed due to the imminent arrival of Typhoon Bavi, which paralyzed financial markets in Taipei that day.

TSMC, Asia’s most valuable publicly traded company with a market cap of $1.955 trillion, did not provide details or future projections in its brief earnings release.

The company will release its second-quarter results on Thursday, when it will also update its outlook and plans for the current quarter and the rest of the year. TSMC is expected to record a 58.8% increase in second-quarter net profit compared to the same period last year, according to LSEG SmartEstimate.