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TSMC Q1 Profit Rises 2% Y/y, Beats Market Expectations

TAIPEI (Reuters) – Taiwanese chipmaker TSMC posted a 2% rise in first-quarter net profit on Thursday as global economic woes dented the demand for chips used in applications as varied as cars, cellphones and advanced computing.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chipmaker and a major Apple Inc supplier, saw January-March net profit rise to T$206.9 billion ($6.76 billion) from T$202.7 billion a year earlier.

That compared with the T$192.8 billion average of 21 analyst estimates compiled by Refinitiv.

($1 = 30.6210 Taiwan dollars)

(Reporting by Yimou Lee and Sarah Wu; Editing by Christopher Cushing)

Copyright 2023 Thomson Reuters.

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