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Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM) reported an earnings beat for its second quarter on Thursday.
Q2 Earnings
The Apple Inc. (NASDAQ:AAPL) supplier posted a net income of $4 billion, up 81% from the $2.26 billion net income in the similar quarter a year ago.
Analysts polled by Bloomberg had estimated a net income of about $3.8 billion. According to the publication, this is the biggest quarterly profit beat posted by TSMC since the first quarter of 2014.
Total sales increased by 34.1% in the quarter to $10.38 billion, from last year's $8.18 billion.
Why It Matters
The better-than-expected numbers come as the novel coronavirus (COVID-19) pandemic led to a surge in demand for video conferencing and other services, in turn increasing the demand for chips.
One of its biggest customers, Apple, is also expected to keep its timeline on the iPhone 5G range launch this year.
Price Action
TSMC shares closed 1.5% lower at $357.50 in Taipei on Thursday. The shares had closed 1.3% lower at $66.06 in New York on Wednesday.
Photo credit: Taiwan Semiconductor Mfg. Co. Ltd
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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