TSMC Posts Higher Q1 Profit

reported a 65 percent rise in its net profit for the first quarter. TSMC's quarterly net profit surged to 78.99 billion New Taiwan dollars (US$2.53 billion), versus a year-ago profit of NT$47.87 billion. Analysts were expecting a profit of T$77.8 billion. Its revenue jumped 50 percent to NT$222.03 billion. Gross margin was 49.3 percent for the quarter, while operating margin was 39.0 percent. TSMC shares gained 1.42 percent to close at $23.51 yesterday.