(Bloomberg) — Taiwan Semiconductor Manufacturing Co. reported a stronger-than-expected 22% rise in quarterly sales, buoyed by orders from its largest customers including Apple Inc.
The world’s largest contract chipmaker saw revenue for the three months to September climb to a record NT$356.4 billion ($12.4 billion), up from NT$293 billion a year earlier, according to Bloomberg calculations based on monthly sales data disclosed by TSMC. Fellow Taiwanese chipmakers United Microelectronics Corp. and MediaTek Inc. on Thursday also reported strong sales, suggesting a broad recovery in the industry.
TSMC in July raised its 2020 outlook, saying that revenue this year will grow by more than 20% in dollar terms. Sales for the first nine months of the year suggests that Apple’s main iPhone chipmaker is on track to meet its growth forecast as the Covid-19 pandemic fueled demand for home computing equipment.
The company’s business typically revs up in the