Taiwan Semiconductor Manufacturing Co (ADR) (NYSE:TSM) (TSMC) shares moved higher after the chipmaker posted an almost 60% year-over-year leap in April revenue boosted by demand for AI semiconductors.
A recovery in the global smartphone market during the first three months of 2024 is also expected to have spurred demand for TSMC’s mobile chips.
The Taiwan-based firm said that its revenue in April was NT$236.02 billion (US$7.3 billion), up 59.6% year-over-year and 20.9% from the previous month.
Revenue for January through April 2024 totals NT$828.67 billion, up 26.2% from the same period last year.
TSMC shares traded up 4.8% at about $150 late morning on Friday, closing in on its record-high price of $158.40 seen last month.
The stock has gained about 76% in the last 12 months.