TSMC Posts Q4 Revenue Beating Estimates on AI Boom [Video]

Taiwan Semiconductor Manufacturing Co. (TSM) posted fourth-quarter revenue that beat Wall Street estimates and a 34% jump in 2024 sales, as the company keeps gaining from the artificial intelligence (AI) boom.

Shares in the world’s largest contract chip manufacturer are rising 1.25% in premarket trading Friday after the report. 

The company, which supplies tech heavyweights such as Apple (AAPL) and Nvidia (NVDA), posted total revenue for the December quarter at NT$868.46 billion ($26.35 billion), a calculation based on its announcement of December revenue of NT$278.16 billion.

The quarterly figure beat the NT$854.82 billion consensus estimate of analysts polled by Visible Alpha. 

TSMC also said its 2024 revenue came to NT$2.89 trillion, a 34% surge from 2023 numbers.