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Shares of Taiwan's TSMC jump more than 6% as Q1 profit tops expectations

Reuters logo Reuters 4/17/2020

TAIPEI, April 17 (Reuters) - Shares of Taiwan Semiconductor Manufacturing Co Ltd (TSMC) jumped as much as 6% on Friday after the world's largest contract chipmaker reported a near doubling in first-quarter net profit.

TSMC, whose clients include tech giants such as iPhone maker Apple Inc, saw profit in the January-to-March period soar 90.6% from a year earlier, beating market forecasts. It also marked the company's strongest quarterly profit growth in nearly 10 years.

TSMC said on Thursday the coronavirus was expected to hit demand for electronics, including smartphones, but it would be balanced by strong demand for faster chips.

(Reporting By Yimou Lee Editing by Shri Navaratnam)

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