TSMC market capitalization hits record high

Shares of Taiwan Semiconductor Manufacturing Co. (TSMC) rose to a new high of NT$192.5 on the Taiwan Stock Exchange at one point Tuesday, pushing the company's market capitalization to a record NT$4.99 trillion.

The world's largest contract chip maker recorded NT$96.76 billion (US$3.05 billion) in net profit in the third quarter, up 33.4 percent from the previous quarter and up 28.4 percent from a year earlier on strong demand for communications, computer and consumer/industrial electronic devices.

The company has expressed optimism about its operations in the fourth quarter even though the quarter is traditionally a slow season for the global semiconductor industry.

TSMC forecast that it will post consolidated sales ranging between NT$255 billion and NT$258 billion in the three-month period, down only 0.9 percent-2 percent from the third quarter, compared with an earlier market forecast of a 1 percent-3 percent sequential fall.

Source: Focus Taiwan News Channel