TSMC Q3 net profit up over 35% from previous quarter

For the third quarter, net income dropped 7.1 percent to NT$89.93 billion from NT$96.76 billion a year ago.

In US dollars, third-quarter revenue was $8.32 billion, which increased increased 1.5 percent year-over-year and 17.9 percent sequentially.

2 said founder and Chairman Morris Chang would retire in June.

"Even though demand was slightly dampened by supply chain inventory reduction, our customers' third-quarter growth was largely healthy", said co-Chief Executive Officer Mark Liu. Though Quest disagrees with the proposed cuts, which it said do not represent market-based rates, "In whatever form CMS might implement [the Protecting Access to Medicare Act], we remain confident in our ability to meet the long-term commitments outlined at our 2016 Investor Day", said Chief Executive Steve Rusckowski, referring to the raised outlook for profit and revenue growth between 2017 and 2020 that the company set in November 2016. (TSMC, 台積電), the world's largest contract chipmaker, said Thursday that its net profit for the third quarter of this year rose more than 35 percent from a quarter earlier on the back of the peak season effects. The chipmaker also said it expects global semiconductor growth of 16 percent in 2017.

Earnings topped NT$89.9 billion, beating the average forecast of NT$88.2 billion, according to analysts polled by Thomson Reuters.

During the quarter, on November 3, Apple will begin shipping the iPhone X which is widely expected to carry TSMC-made chips.

For the whole of 2017, Liu said, TSMC's sales could rise about 8.8 percent from a year earlier in USA dollar terms, beating a forecast 7-percent sales increase for the whole pure wafer foundry industry in the world.

In the third quarter, shipments of 10-nanometer accounted for 10 percent of total wafer revenue.

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