TSMC Posts Surge In Q3 Profit

Taiwan Semiconductor Manufacturing Co (NYSE: TSM) reported a rise in its net profit for the third quarter.TSMC's quarterly net profit surged 47% y/y to 76.34 billion New Taiwan dollars (US$2.51 billion), from a year-ago profit of NT$51.95 billion, and versus NT$59.70 billion in the second quarter. However, analysts were expecting a profit of NT$72.9 billion.Its diluted earnings per share came in at NT$2.94 (US$0.49 per ADR unit) in the quarter.Its revenue climbed 29% y/y to NT$209.05 billion in the quarter.TSMC's gross margin for the quarter was 50.5%, while operating margin was 40.4%.“In the third quarter, TSMC broke new record in revenue thanks to strong demand for TSMC's advanced technologies. After two years of meticulous preparation, we began volume shipments of 20-nanometer wafers, which reached 9 percent of our third quarter wafer revenue,” said Lora Ho, SVP and Chief Financial Officer of TSMC.TSMC expects Q4 revenue of NT$217 billion to NT$220 billion.TSMC shares fell 0.35% to close at $20.07 yesterday.