Apple supplier TSMC’s Q1 revenue rise beats market expectations

Major Apple supplier TSMC reported a 16.5% rise in first-quarter revenue on Wednesday, beating market expectations and at the high end of the company’s own guidance as its sales boom on demand for artificial intelligence applications.
Reuters:
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The world’s largest contract chipmaker, whose customers include Apple and Nvidia, has benefited from a surge towards AI that has helped it weather the tapering off of pandemic-led demand and pushed TSMC’s stock to a record high.
Revenue in the first three months of this year came in at T$592.64 billion ($18.54 billion), up from $16.72 billion in the year-ago period.
That was towards the higher end of Taiwan Semiconductor Manufacturing Co’s (TSMC) previous prediction for first-quarter revenue to range between $18 billion and $18.8 billion.
The result beat an LSEG SmartEstimate of T$581.45 billion drawn from 23 analysts, weighted toward those who are more consistently accurate.
For March alone, TSMC reported revenue rose 34.3% year-on-year to T$195.21 billion and was up 7.5% from the previous month.

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MacDailyNews Take: Likely driven more by Nvidia than Apple currently.
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