Taiwan Semiconductor (TSM) stock leaps on bullish Q4 2024 outlook
Taiwan Semiconductor blasted past its financial expectations for Q3 and is adjusting its Q4 outlook accordingly.
Taiwan Semiconductor (TSM) has released its Q3 2024 earnings, showing a strong beat on revenue expectations. With the AI boom continuing to drive profits for the chip manufacturer, Taiwan Semiconductor has raised its Q4 outlook.
Taiwan Semiconductor shared its earnings for Q3 in a release this morning. Looking forward to next year, Taiwan Semiconductor is expecting its full-year revenue to see a 30 percent increase, a large jump from the previously expected increase, which was in the 20 percent range. The company cites the booming AI industry for its rapid financial growth, stating that there’s a strong demand for its processors.
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“Our business in the third quarter was supported by strong smartphone and AI-related demand for our industry-leading 3nm and 5nm technologies,” said Wendell Huang, Senior VP and Chief Financial Officer of TSMC. “Moving into fourth quarter 2024, we expect our business to continue to be supported by strong demand for our leading-edge process technologies.”
Taiwan Semiconductor stands alongside NVIDIA as tech companies seeing massive benefits due to the boom in AI development. Be sure to bookmark our finance tag for similar stories in the world of technology.
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