Strong demand from auto makers and consumer goods giants helped Taiwan Semiconductor Manufacturing raise revenue forecasts for the year and beat second-quarter earnings estimates.
The world’s largest chip maker posted net income for the three months ended in June of $1.55 a share on revenue of $17.9 billion. Sales rose 43.5% year over year and 8.8% from the last quarter.
TSMC (ticker: TSM), which supplies chips for Apple (AAPL) devices, beat Wall Street expectations for second-quarter profit. Analysts had estimated TSMC would report earnings per share of $1.44.
“Our second quarter business was supported by HPC, IoT and Automotive-related demand,” said Wendell Huang, chief financial officer of TSMC.
TSMC forecast third-quarter revenue of between $19.8 billion and $20.6 billion, ahead of the $18.6 billion forecast by analysts surveyed by FactSet.
American depositary receipts of TSMC rose 2.5% to $83.30 in premarket trading Thursday.