Chip firm TSMC Q4 profit rises 16.4% to a record, beats market forecasts

TSMC posted a 16.4% rise in quarterly profit to a record, thanks to robust global demand for semiconductors

Taiwan chip firm TSMC posted on Thursday a 16.4% rise in quarterly profit to a record, thanks to robust global demand for semiconductors used in smartphones, laptops and other gadgets during the COVID-19 pandemic that drove a chip supply shortage.

Net profit for October-December at Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker and a major Apple Inc supplier, rose to T$166.2 billion ($6.01 billion) from T$142.8 billion a year earlier.

That was higher than the T$161.6 billion average of 22 analyst estimates compiled by Refinitiv.

A pandemic-induced global chip shortage has forced automakers and electronics manufacturers to cut production