Chipmaker TSMC says Earnings up 16.7Percent as demand surges

Taiwan Semiconductor Manufacturing Co., the world's largest contract manufacturer of chip chips, says its earnings rose 16.7percent in the Most Recent quarter above a year before as the international market rebounded in the coronavirus pandemic and need surged

TAIPEI, Taiwan -- Taiwan Semiconductor Manufacturing Co., the world's largest contract manufacturer of chip chips, said Friday its earnings rose 16.7percent in the most recent quarter over a year ago as the worldwide market rebounded in the coronavirus pandemic.

Revenue in March climbed 13.7percent above a year before 129.1 billion New Taiwan dollars ($4.5 billion).

TSMC makes processors for major brands such as Apple Inc. and Qualcomm Inc.. Many semiconductors used in smart phones, health care equipment, computers and other goods are produced in Taiwan, South Korea and China.

The pandemic fostered demand for electronics as more people worked from home. The resurrection of the worldwide market has helped to reconstruct demand for autos and other consumer products that rely on chip chips.

TSMC reported this week it intends to spend $100 billion in the next 3 years to expand production and in research and development.

The business previously announced plans to spend $3.5 billion at a production site, in North Phoenix, Arizona, as concern grows over American dependence on Asian resources of high tech elements.