Key Takeaways

• September sales rose at Taiwan Semiconductor Manufacturing Co. (TSM), with the chipmaker reporting numbers that pointed toward better-than-expected third-quarter revenue.

• The Apple and Nvidia supplier reported third quarter sales of roughly $23.58 billion, better than analyst estimates and the company's own projections.

• The company is set to report the rest of its third-quarter results the morning of Oct. 17.

September sales rose at Taiwan Semiconductor Manufacturing Co. (TSM), with the chipmaker on Wednesday reporting numbers that pointed toward better-than-expected third-quarter revenue.

The company, which supplies tech heavyweights such as Apple (AAPL) and Nvidia (NVDA), reported September sales of 251.87 billion New Taiwan dollars ($7.82 billion), up just under 40% from the same time last year.

Added to its results for August and July, TSMC reported NT$759.69 billion ($23.58 billion) in revenue for the third quarter, above the NT$749.88 billion analysts tracked by Visible Alpha had expected and roughly 36% above sales for the third quarter of 2023. The results surpassed TSMC's own outlook, as the company said in its second-quarter earnings report that it expected third-quarter revenue between $22.4 billion and $23.2 billion.

The company's US-traded shares were recently down more than 1% as broader markets wavered. The stock has risen steadily from August lows and is near record levels, up roughly 75% this year. The PHLX index of semiconductor shares edged lower Thursday.

TSMC is set to report the rest of its third-quarter financial results on the morning of Oct. 17. The company surpassed estimates in the first two quarters of 2024, as demand for its chips to power AI technology have remained in high demand.

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