By Kosaku Narioka
Taiwan Semiconductor Manufacturing Co. said Thursday that its third-quarter net profit rose 36% compared with the same period a year earlier thanks to strong revenue growth.
The Taiwanese chip maker said net profit was 137.31 billion New Taiwan dollars (US$4.77 billion). That beat the estimate of NT$127.16 billion from a FactSet poll of analysts.
Third-quarter revenue increased 22% from a year earlier to NT$356.43 billion.
Revenue from smartphones rose 12% from the quarter before while revenue from high performance computing increased 25%.
TSMC said revenue from customers in North America accounted for 59% of its total revenue, down from 60% a year earlier and revenue from China made up 22% of the total, up from 20% a year earlier.
The U.S. Commerce Department in May restricted global chip makers which use U.S. technology from supplying semiconductors to Huawei Technologies Co. The grace period for those restrictions ended mid-September.
Analysts said TSMC was able to offset its Huawei sales losses by reallocating production capacity to other clients.
Write to Kosaku Narioka at firstname.lastname@example.org
(END) Dow Jones Newswires