TSMC Reports Record Q3 Growth

Taiwan Semiconductor Manufacturing Company booked a second consecutive quarter of revenue growth in Q3. The company reported record sales as demand for chips powering AI applications soared.

Sales grew 39% year-on-year to TWD759.7 billion ($23.6 billion). In Q2 the increase was 40%. In April, the contract chipmaker forecast revenue from server AI processors to more than double in 2024.

For the first nine months, sales were up 31.9% to TWD2 trillion. TSMC, a key supplier to Apple, Qualcomm, and MediaTek, will release full Q3 results on 17 October.

The company's Q3 performance mirrored Taiwan-headquartered Foxconn. The contract manufacturer reported a 20.2% increase in sales to TWD1.8 trillion on strong demand for AI servers and components for the automotive sector.