TSMC, as the company is popularly known, reported a Q1 net profit of 225.49 billion New Taiwan dollars ($6.97 billion U.S.), up 9% from the same period a year earlier.
Analysts had expected a Q1 net profit equivalent to $6.65 billion U.S.
TSMC, which is the world’s largest semiconductor manufacturer, also reported revenue that was the equivalent of $18.87 billion U.S., up 13% from a year ago.
The company said Q1 revenue from its high-performance computing segment, which includes A.I. chips, rose 3% from last year. Revenue from its Internet of Things (IoT) segment grew 5%.
However, those gains were partially offset by smartphone chips that fell 16% in the quarter.
TSMC makes the main processors inside Apple (AAPL) iPhones as well as processors designed by Nvidia (NVDA).
TSMC dominates the microchip manufacturing market, including the 3-nanometer and 2-nanometer chips that power smartphones.
By some estimates, TSMC manufactures three-quarters (75%) of all microchips and semiconductors in the world today.
Looking ahead, the company said that it expects revenue of $19.6 billion U.S. to $20.4 billion U.S. for the current second quarter of the year.
TSMC also said that it anticipates revenue growth this year of at least 20%.
The stock of TSMC is up 58% over the last 12 months and currently trading at $139.03 U.S. per share.
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