Taiwan Semiconductor Manufacturing Co (TSMC) has reported a 9% increase in profit for the first quarter of the year, surpassing analysts' expectations. The world's largest contract chipmaker announced that its profit rose due to strong demand for its semiconductor products.
TSMC's net profit for the quarter reached a total of $4.1 billion, exceeding the forecasted figures. The company's revenue also saw a significant boost, climbing by 17% to $12.9 billion. This growth was primarily driven by the ongoing global chip shortage, which has led to increased demand for TSMC's advanced semiconductor solutions.
