Key points
- Taiwan chipmaker, TSMC has reported a rise by 16.5% in its 2024 first quarter revenue on wednesday.
- The rise beats market expectations as the company benefits majorly from AI boom.
TSMC, the world’s largest chip contract chipmaker has reaped major benefits from the continued AI surge as its 2024 quarterly earnings rise by 16.5%. It is expected that the company will continue gaining value despite its stock already being in a record high.
TSMC reports higher Q1 revenue than expected
Most companies in the world order their chips from TMSC including NVIDIA and Apple. The company has been on a rise since embarking on AI innovative chips. Now, a Wednesday financial report from the company has shown marvellous growth in sales and profits.
Its revenue in this period came in at $18.54 billion up from $16.72billion recorded in Q3 2023. The result surpassed an LSEG SmartEstimate of $18.15 billion set by 23 analysts and weighted to those who have more accuracy ratings. This data comes at a time when Taiwanese companies are recovering from the holiday seasons of Q4 2023.
In March alone, TSMC had a revenue rise of 34.3% year over year and up 7.5% from February. This trend is expected to keep rising alongside the AI boom. However, its not definite as the company’s shares are already on their all-time high zone.
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